Deloitte India is optimistic about India's goal to become a developed nation by 2047. The country needs 8% growth for a decade to achieve this. Economist Rumki Majumdar emphasizes the importance of focusing on high-value segments in manufacturing and services. She sees potential in the "servicification of manufacturing." India aims to create new jobs, improve education, and enhance infrastructure. While challenges exist in reducing dependence on China, strategic investments and innovation can propel India towards economic success by 2047.
Deloitte India, in a recent analysis, has expressed optimism about India's goal of attaining the status of a developed nation, known as Viksit Bharat, by 2047. The consultancy firm views this target as "achievable" and emphasizes the importance of focusing on enhancing manufacturing and services while implementing strategies to curb inflation.
The Economic Survey 2024-25, presented in Parliament, underlines the necessity for India to sustain an average growth rate of 8 percent over the next decade to realize its vision of becoming a developed nation by 2047. According to Deloitte India's calculations, achieving a minimum 7 percent growth is essential to reach a GDP of USD 30 trillion by 2047, factoring in a 4 percent inflation rate and approximately 1.5 percent depreciation.
Rumki Majumdar, an Economist at Deloitte India, highlights the pivotal role of the services and manufacturing sectors in driving India's growth trajectory. She emphasizes the significance of focusing on high-value segments within these sectors to unlock their full growth potential. While acknowledging the challenges of sustaining an 8 percent growth rate, particularly during uncertain geopolitical times, Majumdar remains optimistic that once momentum is established, surpassing this target is plausible.
Majumdar points out a promising opportunity in the "servicification of manufacturing," an untapped area that could yield exponential benefits if leveraged effectively in the coming years. She stresses the importance of managing inflation within the Reserve Bank of India's targets to ensure the feasibility of India's developmental goals.
The economic survey advocates for bolstering the manufacturing sector and investing in cutting-edge technologies like AI, robotics, and biotechnology. To support this growth trajectory, India is projected to create 78.5 lakh new non-farm jobs annually until 2030, achieve universal literacy, enhance the quality of education institutions, and develop robust, future-ready infrastructure at a rapid pace.
Regarding India's manufacturing landscape, Majumdar acknowledges the challenges of decoupling from China and asserts that complete disengagement may not be immediately viable. She highlights the complex interdependence of global supply chains and underscores the need for self-sustainability in critical sectors such as semiconductors, defence, chemicals, and pharmaceuticals to reduce reliance on Chinese imports.
As India accelerates its journey towards self-reliance and economic advancement, strategic investments in key sectors and a focus on innovation will be instrumental in realizing the vision of a developed India by 2047. With concerted efforts and prudent policymaking, India stands poised to achieve its ambitious development targets and emerge as a global economic powerhouse in the years to come.
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