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The paper released on July 27 pointed out that for India to progress from a middle-income to a high-income level, it requires sustained growth in the range of 7 to 10 per cent for 20 – 30 years.
If India is to become a developed economy by 2047, it must do so by effectively acting upon a roadmap to become a $30 trillion economy by then along with a per capita income of $18,000 per annum, according to an approach paper laid out on Saturday (Jul 27) to encapsulate the vision for developed India (viksit bharat).
The paper pointed out that India’s GDP must grow over nine times its present value ($3.3 trillion) and the per capita income must rise eight times from $2,392 per annum right now.
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At present, India is the world’s fifth-largest economy. By 2027, it is poised to become the world’s third-largest after its GDP crosses $5 trillion.
“By 2047, India is capable of becoming a $30 trillion economy with the quality of life of a developed nation,” the paper said.
India as a potential $30 trillion economy: What does it mean?
It simply means that the country’s middle class (about 432 million people as of 2021) may potentially rise to the upper echelons of wealth generators. Apart from that, if the growth is equal and all-encompassing (meaning the wealth generation is not focused on a few hundred millionaires but widespread), poverty would become non-existent and prosperity would reach the nooks and corners of the country.
The paper released on July 27 pointed out that for India to progress from a middle-income to a high-income level, it requires sustained growth in the range of 7 to 10 per cent for 20 – 30 years.
“Very few countries have managed to do this. The reasons have been well analysed and include structural, institutional, and other socioeconomic factors. As a nation, we need to avoid this trap and carefully work towards breaking out of it,” said the paper.
The paper identified escaping the middle-income trap as a challenge. Barely a dozen middle-income countries have broken out to become developed high-income countries in the last 70 years, it added.
“A Vision for Viksit Bharat @2047 will consist of concrete goals, with a strategy and a set of guiding principles to achieve those goals, and clear actions along certain themes to actually implement the strategy. All these put together would constitute a vision for Viksit Bharat@2047,” according to the document.
“Being a youthful nation, the working age population would be around 112 crore, making it the single largest workforce of any nation,” according to the document.
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Mukul Sharma
Mukul Sharma is a New Delhi-based multimedia journalist covering geopolitical developments in and beyond the Indian subcontinent. Deeply interested in the affairs re
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