Brief Context
Context Lok Sabha Speaker Om Birla outlined a comprehensive roadmap for achieving the national vision of Viksit Bharat (Developed India) by 2047. About India’s vision for 2047, known as ‘Viksit Bharat’ (Developed India), aims to transform the nation into a developed economy by the time it celebrates its 100th anniversary of its independence. The four pillars of Viksit Bharat are Yuva (Youth), Garib (Poor), Mahila (Women) and Kisan (Framers).
Source Content
Syllabus: GS3/Economy
Context
- Lok Sabha Speaker Om Birla outlined a comprehensive roadmap for achieving the national vision of Viksit Bharat (Developed India) by 2047.
About
- India’s vision for 2047, known as ‘Viksit Bharat’ (Developed India), aims to transform the nation into a developed economy by the time it celebrates its 100th anniversary of its independence.
- The four pillars of Viksit Bharat are Yuva (Youth), Garib (Poor), Mahila (Women) and Kisan (Framers).
- It requires comprehensive efforts across various sectors, including economic growth, social equity, global competitiveness, environmental sustainability, industrial modernization and good governance.
Major Highlights
- Economic Growth Trajectory: Growth rate increased from 2.9% (1951–52) to 7.6% (2023–24).
- GDP to surpass USD 7 trillion by 2030 and projected to reach USD 34.7 trillion by 2047, as per the PHD Chamber of Commerce and Industry (PHDCCI).
- Per Capita Income: Estimated to reach USD 4,667 by 2030 and USD 21,000 by 2047.
- Sectoral Contributions to GDP (By 2047):
- Agriculture: From 20% (FY23) to 12%.
- Industrial Sector: To reach 34%.
- Manufacturing Sector: To reach 25%.
- Services Sector: Stable at around 54%.
- Key Enablers:
- Ease of doing business.
- Global scalability of promising sectors to become MNCs.
- Development of the semiconductor industry.
- Support for the startup ecosystem.
- Export capacity building.
- Reforms in agriculture and food processing.
- Filling vacant positions in government (National and State levels).
- Digital transformation acceleration.
- Boost to the renewable energy sector.
- Investment in physical infrastructure.
- Global Standing Goals: 2nd largest Economy in Asia-Pacific by 2030.
- 3rd largest economy globally by 2030.
- Renewable Energy Goals: India ranks 4th globally in renewable energy.
- Government target: 500 GW of installed renewable capacity by 2030.
- PHDCCI projections: 900 GW by 2040 and 1500 GW by 2047.
- Digital & AI Adoption: Internet usage rose from 8% in 2010 to 52% in 2024, projected to reach 82% by 2047.
- Projected to rank among the top 5 globally in AI readiness by 2047.
- India’s Innovation-Driven Growth: Global Innovation Index rank improved from 52nd in 2019 to 39th in 2024.
- PHDCCI projects India will be among the top 5 innovation leaders by 2047.
- The semiconductor industry is projected to reach USD 750 billion by 2047.
Government Initiatives
- Impact of Government Initiatives: Make in India, Digital India, Gati Shakti, Bharatmala, Udaan Yojana, and electronic manufacturing clusters are reshaping infrastructure and commerce.
- Policy Reforms:
- Simplification of industrial policies.
- Transparent tax regime.
- Single-window clearance system.
- All contributing to a more business-friendly environment.
Conclusion
- India is progressing steadily toward economic prosperity and innovation leadership.
- Marked by resilience, adaptability, and focus on inclusive growth.
- Positioned to become a key global economic player by 2047.
Source: AIR