The National Institution for Transforming India (NITI) Aayog is preparing Vision 2047, which will detail the institutional and structural reforms necessary for the country to become a developed nation by 2047 and a $30 trillion economy, breaking out of the middle-income trap.
Vision India@2047, which will be unveiled by Prime Minister Narendra Modi in December 2023, would focus on "radical restructuring" of the government, according to NITI Aayog CEO BVR Subrahmanyam in a Sunday media briefing.
He stated, "The vision document's overarching goal is to avoid the middle-income trap..." The middle-income trap is a serious concern of ours. India needs to make a breakthrough.
When a country falls into the middle-income trap, it is no longer competitive on the global market for standard, labor-intensive items due to high salaries, but it also cannot compete on a large enough scale in higher value-added activities due to low productivity.
The Aayog, the government's think tank, will present its final findings to the ten sectoral groups led by secretaries of state in the first week of November, and then meet with representatives from the business and academic communities in the third week.
The 10 groups are as follows: rural/agricultural, infrastructure, resources, social vision, welfare, financial/economic, commercial/industrial, technological, governing/security, and international.
Adani Group chairman Gautam Adani, Reliance Group chairman Mukesh Ambani, Google CEO Sundar Pichai, Infosys co-founder Nandan Nilekani, and Nobel Laureate Kailash Satyarthi are just some of the prominent industrialists, academics, and civil society representatives who will be consulted for India's Vision 2047.
Subrahmanyam claims that the government has based their more specific vision on projections that estimate India's population will reach 1.5 billion by 2047 and the country's per capita income will reach $18,000-20,000. "For India to be a developed nation, we need to recast the whole government in a way that decisions are taken at the lower level while upper level is responsible to strategize for a better future with targeted intervention," he said.
To help PM Modi realize his vision of a "Viksit Bharat" (developed India), the Aayog conducted extensive macro-level modeling for the vision statement, establishing concrete national targets by 2030 and outlining the structural changes necessary by 2047. Subrahmanyam said.