India's Path to a $30 Trillion Economic Powerhouse by 2047: "Viksit Bharat@ 2047" Unveiled

By Ritwik Ghosh,Kolkata India


The National Institution for Transforming India, commonly known as NITI Aayog, has taken on the monumental task of consolidating ten sector-specific visions into a comprehensive and visionary document titled “Viksit Bharat@ 2047.” This strategic roadmap for India’s future development is set to be revealed in the coming months, with an initial draft anticipated to be completed by December.

NITI Aayog’s CEO, BVR Subrahmanyam, recently announced this pivotal milestone, underlining its crucial role in shaping the nation’s destiny. These sectoral visions, crafted by ten specialized groups, delve into critical areas including infrastructure, wealth generation, commerce, technology, governance, and more, offering a comprehensive outlook on India’s rapidly evolving landscape.

A Visionary Economic Leap: $30 Trillion by 2047

At the core of the “Viksit Bharat@ 2047” document lies a bold projection – India’s economy is set to soar to an astounding $30 trillion by 2047, with a per capita GDP expected to reach $17,590. While the specific details of the document remain confidential, Subrahmanyam emphasized that it outlines the sectors and technologies where India aspires to be a global leader by 2047, along with the essential institutional and structural reforms required to achieve this ambitious goal.

This visionary document is the linchpin for steering India away from the middle-income trap, a concern that has occupied policymakers for some time. It aligns seamlessly with the Indian government’s overarching agenda to unlock its full potential and secure a prosperous future.

Collaborative Sectoral Vision Building

The groundwork for these sectoral visions was initiated in December 2021 under the guidance of the Ministry of Finance. The ten sectoral groups, each dedicated to themes such as agriculture, infrastructure, social development, wealth creation, finance, commerce, technology, governance, and security, engaged in extensive consultations with think tanks, research institutions, industry chambers, and trade councils. Notably, the group focused on commerce and industry held consultations with over 20,000 experts and stakeholders.

NITI Aayog’s visionary journey extends beyond these sectoral documents. The institution has plans to collaborate with influential figures in the fields of business and innovation, including luminaries like Mukesh Ambani, Gautam Adani, Nandan Nilekani, N Chandrasekaran, and more, in the final week of November.

Furthermore, the sectoral visions take into account eight megatrends anticipated to shape the world by 2050. These trends encompass factors such as shifting demographics in India and Africa, income disparities, climate change challenges, and disruptive technological advancements, all of which are integral to India’s strategic planning for the coming decades.

Empowering Indian States

NITI Aayog’s influence also extends to individual states, with the institution offering support to Gujarat and Andhra Pradesh in crafting their own vision documents. Other Indian states, including Uttar Pradesh, Tamil Nadu, Goa, and Uttarakhand, are in the process of formulating their individual visions for the future. The alignment of these state visions with the national document presents a challenge, but NITI Aayog is well-prepared to provide the necessary guidance and support.

A Glimpse into India’s Future

The forecasts generated by NITI Aayog paint a promising picture of India’s future. Projections indicate that India’s exports will reach a substantial value of $8.67 trillion by 2047, with imports valued at $12.12 trillion. Moreover, the average life expectancy is expected to rise to 71.8 years, and the literacy rate to 89.8%, indicating significant progress by 2047.

As Subrahmanyam aptly puts it, “2047 will usher in a profoundly different India,” one characterized by urbanization and profound changes in the way people live, work, and eat. These transformations will necessitate a substantial restructuring of the government, both horizontally and vertically, to ensure that lower levels of government can take on more responsibilities, allowing senior officers to focus on strategic planning.

Collaboration with BCG: Turning Vision into Reality

In a notable development, the government has partnered with the consulting firm BCG to aid in the preparation of the “Viksit Bharat@ 2047” document, an initiative initially conceived by Prime Minister Modi in December 2021. This collaborative effort underscores the government’s unwavering commitment to realizing India’s ambitious $30 trillion vision by 2047.

India’s quest to become a $30 trillion economic powerhouse by 2047 is not only a grand ambition but a well-thought-out strategy that encompasses various sectors and visionary thinking. With “Viksit Bharat@ 2047,” India is poised to embark on a transformative journey towards an even brighter and more prosperous future. Stay tuned for further updates on this groundbreaking initiative that will reshape the nation’s destiny.

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