“Vision India@2047: Transforming India into a Developed Nation by 2047”

The Indian government is working on a comprehensive national vision plan, known as ‘Vision India@2047’, aimed at transforming the country into a developed nation by 2047. The plan is designed to prevent India from falling into the middle-income trap and focuses on various aspects of economic and social development.

Vision India@2047: Key Objectives and Timeline

• Objective: The primary objective of the plan is to ensure India’s development into a developed nation by 2047 and avoid the middle-income trap, which has affected several countries at similar stages of development.

• Leadership: Niti Aayog, a government think tank, has been working on this plan for nearly two years. It was presented to Cabinet Secretary Rajiv Gauba in October.
• Consultation: In November, consultations will be held with thought leaders, including prominent corporate figures such as Tim Cook, Sundar Pichai, Gautam Adani, Mukesh Ambani, K.M. Birla, N. Chandrasekharan, and Indra Nooyi, to gather their insights and expertise.

• Draft Plan: The draft version of the plan is expected to be ready by December. Several Indian states are also in the process of preparing their own development roadmaps.

Economic Targets

• Economic Growth: The plan envisions making India a $30 trillion economy by 2047, a significant increase from its current economic size. This ambitious goal aims to position India as one of the world’s leading economies.

• Per Capita Income: To ensure prosperity for its citizens, the plan targets a per-capita income ranging from $18,000 to $20,000. This represents a substantial increase from the current income levels.

Addressing Middle-Income Trap

• Concern: The plan acknowledges the risk of falling into the middle-income trap, where economic growth slows down significantly after reaching a certain income level. This issue is exemplified by countries like Argentina that have struggled to advance economically.

• Challenges Overcome: India has made progress in addressing longstanding challenges such as poverty, infrastructure development (roads, electricity, and water), and these issues are expected to be resolved in the coming years.

• Next Level: The plan’s focus is on propelling India to the next level of development to avoid stagnation in economic growth.

Regional Development and Disparities

• Regional Cleavages: The plan also aims to address regional disparities in economic development. While some parts of India are witnessing rapid growth, others, particularly in the East and North, are lagging behind.

• Balanced Growth: Achieving balanced and inclusive growth across all regions of India is considered crucial for the country’s overall development.

Global Dominance in Business

• Global Presence: The plan emphasizes the need for Indian firms to dominate various sectors on the global stage. Despite India’s economic growth, none of the world’s largest banks, contractors, legal, consultancy, or accountancy firms are from India.

• Promoting Sectors: The plan explores ways to promote certain sectors and companies to become global champions, thereby enhancing India’s presence in the global business landscape.

Skill Development and Global Demand

• Skill Sets: Developing the skill sets required by India’s young population to meet global demands is a priority. The plan recognizes the need to align educational and training programs with global market requirements.

• Nursing Sector: India’s potential to fulfill global demands, such as in the nursing sector, is noted. However, there is a need to ensure that educational institutions meet international standards to facilitate the export of skilled professionals.

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