India aims for $30 Trillion Economy by 2047

July 31, 2024

India aims to become a USD 30 trillion economy by 2047, the 100th anniversary of its independence. According to a plan by NITI Aayog, called ‘Vision for Viksit Bharat @ 2047’, the goal is to raise the average income per person to USD 18,000 per year. This plan is designed to help India avoid getting stuck at a middle-income level.

Economic Aspirations

To reach this goal, India needs to grow its economy from the current USD 3.36 trillion to USD 30 trillion, which means it has to grow nine times bigger in the next couple of decades. The average income per person also needs to increase from USD 2,392 to USD 18,000. The report says moving from a middle-income to a high-income country requires a steady annual growth rate of 7-10% for 20-30 years. Only a few countries have managed to maintain such high growth rates consistently.

Defining Viksit Bharat

The idea of Vikshit Bharat means creating a country with high income and advanced social, cultural, technological, and institutional attributes. According to the World Bank, a high-income country has an average annual income per person of more than USD 14,005 (as of 2023). The plan identifies several key challenges, such as improving manufacturing and logistics capabilities and reducing the income gap between rural and urban areas. These improvements are essential for turning the agricultural workforce into a strong industrial workforce.

Collective Efforts

NITI Aayog stresses that achieving this vision requires the participation of the entire nation, not just a few individuals or the government. The document highlights that this is a crucial moment for India, suggesting that the 21st century could be India’s century. Success depends on balancing energy security, accessibility, affordability, and sustainability.

About Viksit Bharat

Vision for Sustainable Growth: ‘Viksit Bharat,’ or ‘Developed India,’ embodies India’s goal for sustainable development by 2047, focusing on reducing poverty, achieving gender equity, and ensuring environmental sustainability.
Urbanization and Smart Planning: With India’s urban population expected to reach 600 million by 2031, smart urban planning is crucial. Key areas of focus include digital innovation and renewable energy.
Skill Development and Economic Self-Reliance: The government prioritizes skill development through initiatives like ‘Skill India’ and promotes local industries via ‘Make in India’ to foster economic independence and growth.

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