Beirut: It is creditable that the Government of India has set for itself and the nation a crucial goal: that India should become Viksit Bharat by 2047, the year marking the centenary of India's independence. While there is general agreement that the term Viksit Bharat denotes a developed country, it is necessary, particularly for public policy purposes, to break down the concept and understand what it entails. What follows is an attempt to do so.
According to National news agency - Lebanon, India is aiming to transform into a $10 trillion economy by 2047. Although India ranks as the fourth-largest economy globally, its current GDP of $4.5 trillion is insufficient for its population nearing 1.5 billion. To achieve the Viksit Bharat status, India must enhance its GDP significantly. Key strategies include increasing the share of international trade and growing Foreign Direct Investment, which was nearly $100 billion last year. This requires extensive economic reforms in land, labor, power, agriculture, infrastructure, and regulatory areas.
Inclusive economic growth is another vital component. While accelerating GDP growth is crucial, it must be inclusive to benefit the disadvantaged sections of society. The government has initiated schemes such as the Pradhan Mantri Garib Kalyan Yojana, but job creation for youth must become a priority for both the Central and State Governments. Encouraging entrepreneurship among young people is essential for creating a more egalitarian society.
Skilling for a knowledge economy is also critical as India's education system currently overemphasizes rote learning, producing graduates who may not be immediately employable. Focus on vocational training, industry-academia collaboration, and technological skills, including Artificial Intelligence, must increase. Enhancing spending on education and Research and Development is necessary, especially in lagging states. A skilled population can turn India's demographic size into an advantage.
Transforming healthcare remains a priority. While India's healthcare system is advancing through digitalization and infrastructure expansion, challenges such as rising medical costs and chronic diseases persist. Initiatives like Ayushman Bharat and Ayushman Arogya Mandir have made strides, but public healthcare spending needs to increase to make healthcare accessible and affordable. Strengthening the National Health Mission is essential to continue this transformation.
Sustainable development is a key pillar of India's roadmap. India must avoid high-carbon development paths and focus on sustainable growth. The country has the unique opportunity to pursue a low-carbon pathway to high-income status, ensuring sustainable development for its citizens.
The road to 2047 is challenging but achievable if India operates in mission mode with a comprehensive approach. The next two decades will be pivotal in India's history, shaping its future as a developed nation.