Lok Sabha Speaker Om Birla presented a detailed plan aimed at realizing the national aspiration of Viksit Bharat (Developed India) by the year 2047

India's vision for 2047, termed 'Viksit Bharat' (Developed India), seeks to elevate the nation to a developed economy by the centenary of its independence. The initiative is built upon four foundational pillars: Yuva (Youth), Garib (Poor), Mahila (Women), and Kisan (Farmers). Achieving this vision necessitates extensive efforts across multiple sectors, including economic advancement, social equity, global competitiveness, environmental sustainability, industrial modernization, and effective governance.

Major Highlights

Economic Growth Trajectory: The growth rate has risen from 2.9% in 1951-52 to 7.6% in 2023-24. The GDP is expected to exceed USD 7 trillion by 2030 and is projected to reach USD 34.7 trillion by 2047, according to the PHD Chamber of Commerce and Industry (PHDCCI).

Per Capita Income: Anticipated to reach USD 4,667 by 2030 and USD 21,000 by 2047.

Sectoral Contributions to GDP (By 2047):

- Agriculture: Decrease from 20% (FY23) to 12%.

- Industrial Sector: Expected to grow to 34%.

- Manufacturing Sector: Projected to reach 25%.

- Services Sector: Remain stable at approximately 54%.

Key Enablers:

- Improvement in the ease of doing business.

- Global scalability of promising sectors to evolve into multinational corporations.

- Development of the semiconductor industry.

- Support for the startup ecosystem.

- Enhancement of export capabilities.

- Reforms in agriculture and food processing.

- Filling vacant government positions at both national and state levels.

- Acceleration of digital transformation.

- Promotion of the renewable energy sector.

- Investment in physical infrastructure.

Global Standing Goals:

- Aim to become the 2nd largest economy in the Asia-Pacific region by 2030.

- Target to be the 3rd largest economy worldwide by 2030.

Renewable Energy Goals: India is ranked 4th globally in renewable energy. The government aims for 500 GW of installed renewable capacity by 2030, with PHDCCI projections of 900 GW by 2040 and 1500 GW by 2047.

Government Initiatives

The influence of government initiatives such as Make in India, Digital India, Gati Shakti, Bharatmala, Udaan Yojana, and electronic manufacturing clusters is transforming the landscape of infrastructure and commerce.

Policy Reforms:

- Streamlining of industrial policies.

- Implementation of a transparent tax system.

- Establishment of a single-window clearance mechanism.

These measures collectively foster a more conducive environment for business.

Conclusion

India is making consistent strides towards economic prosperity and leadership in innovation. This journey is characterized by resilience, adaptability, and a commitment to inclusive growth. The nation is on track to emerge as a significant global economic player by the year 2047.