By the year 2047, which marks India’s 100th anniversary of freedom from colonialism, India aims to develop its Economy to USD 30 Trillion. Currently, the country is stuck with the majority of Indians falling into the middle-income bracket. India’s aim for ‘Vision for Viksit Bharat @ 2047’ is to increase the average income of a person in the country to USD 18,000 per year.
Aspirations
India’s current Economy is close to USD 3.36 trillion. The government’s aim is to make it to USD 30 trillion. This means that the country should have a tenfold increase over the next two decades.
The current average income of a person in India is USD 2,392 per year. To achieve a 30 trillion economy, this income should increase to USD 18,000. Experts are split over the aim of the country. Experts suggest it is too difficult for a country like India, where most of the population is still poor. There is significant belief about the possibility of the idea as well.
A steady growth rate of 7-10% in the next decades is needed for the country to be a USD 30 trillion economy. There are a few examples of countries that have achieved this step.
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Viksit Bharat
India’s idea of Viksit Bharat entails improving the income of Indian people in line with close developments in social, cultural, technological, and institutional advancements. The central themes of Viksit Bharat are:
- Empowered Indians- Health, Narishakti, Sports, Culture, etc., are the main areas in Viksit Bharat attempts to empower people.
- Sustainable Economy—Viksit Bharat intends to create a thriving economy in all domains, including Energy, Agriculture, Cities, and Industries.
- Innovation- Viksit Bharat promotes science, research, and development. Startups and digital domains are expected to be further boosted under Viksit Bharat.
- Security—By 2047, Viksit Bharat intends to create a secure environment for Indians. It will attempt to empower lawmaking in all domains and create an orderly state.
- World Relations—India intends to position itself as a world leader by 2047. Viksit Bharat is a vision that will enable the country to scale new heights.
Importance of Collective Efforts
NITI Aayog maintains that a collective effort is necessary to achieve Viksit Bharat’s dreams. Individuals alone cannot achieve the targets set under Viksit Bharat.
The document produced under NITI Aayog stresses that this period is crucial for the country, suggesting that it could be India’s century. The document also emphasized the necessity of balancing sustainability, energy security, accessibility, and affordability. It is a vision for making a majority of the Indian population empowered in terms of resources.
Critical Points of Viksit Bharat
- Sustainable Growth: The aspiration for sustainable growth is a major idea Under Viksit Bharat. It could actually be a possibility to achieve by 2047. Reducing poverty, gender equity and a sustainable environment are the targets under this idea.
- Urbanization: By the year 2031, the urban population in India could reach very high levels. In this context the idea of smart urban planning is crucial. Key areas of focus urbanization includes- digital innovation and renewable energy.
- Skill Development: The government prioritizes to develop the skills of millions of unemployed youth in the country. Initiatives like ‘Skill India’ and ‘Make in India’ are precursors for the wider idea of Viksit Bharat.
Economic Self-Reliance: By providing the necessary skills, urbanization, and growth opportunities, India intends to be self-reliant in terms of economic growth.