In August 2022, Prime Minister Narendra Modi marked 75 years of India’s independence with a bold declaration: India will achieve developed country status by 2047. He called upon the nation to strive towards this ambitious goal, envisioning a future where India plays a dominant role on the global stage.
Over a year later, the phrase “Viksit Bharat 2047” (Developed India 2047) has become a central theme in Modi’s vision for the country’s economic development. As India prepares for its national general election, this slogan has featured prominently in the Prime Minister’s speeches, reflecting the government’s commitment to transforming India’s economic landscape.
Experts acknowledge India’s significant economic potential, bolstered by its large population and steady economic growth since Modi took office in 2014. India’s GDP growth accelerated to 7.7 percent in 2023 from 6.5 percent in 2022, positioning it as one of the fastest-growing major economies.
However, achieving developed nation status within the next two decades poses substantial challenges. According to Oxford Economics, India needs to sustain an annual GDP growth rate of at least 8 percent from 2023 onwards to meet this target—a feat the country has yet to accomplish consistently.
Key obstacles include underdeveloped infrastructure, disparities in education, and a shortage of skilled labor. While the service sector drives much of India’s economic growth, it does not generate sufficient employment opportunities for the country’s expanding young population. The agriculture sector, employing 45 percent of the workforce, contributes less to GDP compared to services and manufacturing, highlighting the need for a more balanced and inclusive economic model.
“India has immense potential, but the journey to becoming a developed nation by 2047 requires addressing fundamental challenges,” said Liu Xiaoxue, Deputy Director of the Center for South Asian Studies at the Chinese Academy of Social Sciences. “Enhancing infrastructure, fostering education, and creating jobs in labor-intensive industries like manufacturing are critical steps.”
Bureaucratic hurdles, socio-economic factors such as the caste system, protectionism, and high import tariffs further complicate India’s development trajectory. Overcoming these issues is essential for India to unlock its full economic potential and achieve its ambitious goals.
As the nation looks ahead, the government’s vision sets a high bar. The outcome will depend on effective policy implementation, investment in human capital, and the ability to foster an environment conducive to sustainable growth and development.
Reference(s):
cgtn.com
