Vision India @2047:
In the year 2047, India will complete 100 years of Independence.
NITI Aayog has prepared Vision India @2047, it is in the final stage. It will be implemented across all sectors to achieve it.
At present India holds 3.5 % of the global economic output ( it was 1.1 % in 1991) and fifth largest economy after the USA, China, Japan, and Germany.
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The objective/Promise of Vision India @2047:
- It is the road map to make India a developed country.
- It aims to become self-reliant in the defense and space sectors.
- It aims to make India a $ 30 trillion economy by 2047.
- It aspires to become a high-income country [ per capita income $18000 to 20,000]
- It aims to become a green economy by increasing renewable energy and reducing carbon emissions.
Our strength:
Demographic dividend: We are 1.4 billion people with approximately 40 % population under 25 age.
We have a huge market with huge Middle-class people.
The fast growth of the digital economy
The way to achieve it:
The main role of the government would be an enabler rather than a micro-manager.
To ensure that India would not slip into a middle-income trap, the action plan and goals would be divided into two stages - 2030 and 2047 for reviews and feedback.
Major challenges:
On average nine (9) % annual growth rate will be required to achieve it.
We can not achieve it without strengthening the manufacturing sector. A structural shift from agriculture to manufacturing will be a challenging task.