To position India on the path to becoming a developed nation by 2047, economist Sanjeev Sanyal emphasized the crucial need to sustain the current growth momentum.
Speaking at the India Global Forum, Sanyal, a full-time member of the Economic Advisory Council, underscored the importance of India's development trajectory, especially in comparison to its aging demographic profile in the coming decades.
Highlighting India's current status as a "very poor country," Sanyal stressed the significance of maintaining robust economic growth for the next 25 years. He emphasized that sustained growth is essential to attain the status of a developed nation by 2047, coinciding with India's 100th year of independence.
Identifying the present as a critical window of opportunity, Sanyal urged for a steadfast focus on economic growth without succumbing to distractions. He emphasized the need for continued reforms to unlock India's growth potential and outlined key priorities for the nation's development.
One crucial aspect highlighted by Sanyal is the urgent need for judicial reforms, particularly in enhancing the enforcement of contracts. Describing the current judicial system as outdated, he stressed the necessity of aligning it with the demands of the 21st century.
Addressing bureaucratic challenges, Sanyal emphasized the importance of transforming the bureaucratic framework to facilitate rather than stifle growth. He credited the progress made over the past 25 years to the weakening of bureaucratic obstacles.
Furthermore, recognizing the importance of urbanization, Sanyal emphasized the need to enhance intra-city infrastructure and civic services. He cited ongoing government efforts to improve infrastructure in major urban centers like Mumbai as a step in the right direction.
In conclusion, Sanyal's remarks underscored the imperative for India to sustain its growth momentum and prioritize reforms across various sectors to achieve its goal of becoming a developed nation by 2047.
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