Answer

Viksit Bharat 2047, a vision of a developed India, aligns with the aspirations of a nation transitioning from an emerging to a global economic leader. With a demographic dividend projected to last two decades and initiatives like Make-in-India, India’s economic potential is immense. However, achieving consistent 8%+ growth demands navigating global uncertainties.

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Aim of India to achieve a status of Viksit Bharat by 2047 

• Objective of Per Capita Income Growth: India aims to raise its per capita income from $2,540 in 2023 to $14,005 by 2047 through an annual growth rate of 8%.
  For example: The World Bank defines developed nations by per capita incomes exceeding $14,005 in 2024, making India’s target aligned with global benchmarks.
• Focused 25-Year Policy Framework: India is implementing long-term strategies to ensure steady economic growth, with clear milestones and sector-specific plans like “Make-in-India” and “Digital India.”
• Leveraging Demographic Dividend: With a young workforce of over 1 crore entering annually, India’s policies aim to harness their potential through education, skilling, and health programs.
  For example: The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) has trained over 13 million individuals since its inception in 2015.
• Strengthening MSME Growth: A growth-oriented approach prioritizes industries, MSMEs, and supply chains to boost production and forward-backward linkages for high-value goods and services.
  For example: India’s MSMEs contributed nearly 30% of the GDP and 49% of exports in FY 2022, showing their potential as growth drivers.
• Integrated Governance Approach: By aligning central and state policies through institutions like NITI Aayog, India is ensuring coordination in resource allocation and balanced regional growth.

Feasibility of Target in Light of Historical Trends and Global Challenges

Historical Trends

• Steady Growth Record: India has achieved an average annual growth rate of 6-7% in the last decade, showcasing potential for sustained growth.
  For example: India recorded 7.2% GDP growth in FY 2022-23, making it one of the fastest-growing major economies in the world.
• Demographic Dividend Utilization: With a median age of 28, India can leverage its demographic dividend by developing a workforce with industry-relevant skills and enhancing employability.
  For example: To date, the PMKVY has successfully trained 1.42 crore individuals, with 1.13 crore received certification across its Short-Term Training (STT), Special Projects (SP), and Recognition of Prior Learning (RPL) components.
• Manufacturing Sector Potential: India’s manufacturing contribution to GDP is only 15-17%, presenting an opportunity for expansion under initiatives like Make-in-India.
  For example: India’s FDI inflows into the manufacturing sector increased by approximately 70% over the last decade (2014-2024) compared to the period from 2004-2014.

Global Challenges

• Global Slowdown Impact: Rising inflation and slowing global trade could affect export-led growth, especially given India’s reliance on global markets for technology and capital.
  For example: In 2023, the World Trade Organization (WTO) predicted a decline in global trade growth to 1.7%, impacting India’s export targets.
• Energy Transition Costs: Global shifts toward renewable energy could strain India’s resources as it transitions from fossil fuels to sustainable energy sources to meet international commitments.
  For example: India’s solar energy production target for 2022 fell short by 27%, reflecting challenges in scaling up renewable energy infrastructure.
• Geopolitical Tensions: Trade disruptions due to geopolitical issues, like the Russia-Ukraine war, can increase commodity prices and impact India’s imports and fiscal stability.
  For example: Crude oil imports, vital to India’s economy, spiked in cost by 51% in FY 2022-23 due to global geopolitical tensions.

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Policy Measures to Sustain High Growth Rates

• Enhance Infrastructure Development: Invest in physical infrastructure like roads, railways, ports, and digital infrastructure to improve logistics efficiency and attract private investment.
  For example: The National Infrastructure Pipeline (NIP) aims to invest ₹111 lakh crore by 2025 in infrastructure projects across sectors.
• Promote Skilling and Education: Expand vocational training and align education with industry needs to improve workforce productivity and leverage the demographic dividend.
  For example: The New Education Policy (NEP) 2020 focuses on skill-based learning, integrating vocational training into school curricula.
• Strengthen Financial Sector: Encourage financial inclusion and ensure credit flow to key sectors like MSMEs, startups, and rural enterprises through reforms in banking and non-banking sectors.
  For example: The ECLGS scheme provided ₹4.5 lakh crore in collateral-free loans to MSMEs during the pandemic, boosting their recovery.
• Expand Renewable Energy Capacity: Invest in renewable energy infrastructure and incentivize private sector participation to meet growing energy demands sustainably.
  For example: India aims to achieve 500 GW of renewable energy capacity by 2030 under its National Solar Mission.
• Encourage Research and Development (R&D): Incentivize innovation in advanced technologies like AI, biotechnology, and 5G to increase productivity and global competitiveness.
  For example: The Production Linked Incentive (PLI) scheme offers ₹1.97 lakh crore incentives to boost domestic manufacturing in high-tech sectors.

Achieving Viksit Bharat by 2047 demands bold reforms and resilient strategies. By fostering innovation, ensuring inclusive growth, and bolstering infrastructure and green energy, India can rise above global challenges. “Reform, Perform, Transform” should guide policies, emphasizing skilled manpower, ease of business, and export competitiveness to sustain the needed 8%+ growth trajectory.

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