India aims to become a $30 trillion economy with a per capita income of $18,000 per annum by 2047, according to NITI Aayog's vision paper. To avoid the middle-income trap, sustained growth of 7-10% for 20-30 years is crucial. The vision, known as "Vikshit Bharat," envisions India as a developed nation with advanced social, cultural, and technological features. Challenges include improving manufacturing, logistics, and reducing the income gap between rural and urban areas. Achieving this vision requires collective efforts and positions India for a prosperous future.
India has outlined an ambitious vision to become a $30 trillion economy with a per capita income of $18,000 per annum by 2047, according to the approach paper for the "Vision for Viksit Bharat in 2047" released by NITI Aayog. The paper emphasizes the need for India to avoid the middle-income trap and carefully navigate its way to higher income levels.
"To become a developed nation, we need to strive to be a $30 trillion economy by 2047 with a per capita income of $18,000 per annum. The GDP would have to grow nine times from today's $3.36 trillion, and the per capita income would need to rise eight times from today's $2,392 per annum," stated the approach paper.
The paper acknowledges that transitioning from a middle-income to a high-income level requires sustained growth ranging from 7% to 10% for 20 to 30 years, a feat achieved by only a few countries. It defines "Vikshit Bharat" as a vision for India that embodies the attributes of a developed country, including a per capita income comparable to high-income countries of the world today. It envisions a nation with advanced social, cultural, technological, and institutional features, capable of operating at the forefront of knowledge.
The World Bank classifies countries with an annual per capita income exceeding $14,005 as high-income countries (as of 2023). India aspires to attain high-income status by its centenary of independence in 2047, leveraging its potential.
The paper highlights several structural challenges that India needs to address, such as enhancing capabilities in manufacturing and logistics, as well as bridging the income gap between rural and urban areas. These challenges are crucial for transforming the country's agricultural workforce into an industrial workforce, positioning India as a global manufacturing and service hub.
During the ninth Governing Council meeting of NITI Aayog, chaired by Prime Minister Narendra Modi, the document was extensively discussed. It emphasizes the importance of balancing energy, security, access, affordability, and sustainability in the nation's development trajectory.
The approach paper emphasizes that achieving India's vision cannot be the work of a few individuals or a single government. It requires collective efforts from the entire nation. The document recognizes that India stands at a turning point in its history and envisions the 21st century as India's century, with the country poised to leap confidently into the future, fully confident in its capabilities.
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