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
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