The ninth Governing Council meeting of Niti Aayog, chaired by Prime Minister Narendra Modi and comprising state chief ministers, is expected to convene in August to deliberate on the ‘Viksit Bharat @2047’ vision document.
This initiative aims to transform India into a developed nation by 2047, marking the 100th anniversary of its independence.
Sources reveal that ahead of the Council meeting, Finance Minister Nirmala Sitharaman will provide an initial overview of the ‘Viksit Bharat’ vision and action plan in the upcoming Budget later this month.
The ambitious goal includes positioning India as a $30 trillion economy by 2047, driven by significant policy reforms and governance changes by 2030.
The vision document, which has been in the making for about 30 months since its conception by Prime Minister Modi in December 2021, outlines India's expected advancements in various socio-economic indicators by 2047.
It highlights the sectors and technologies where India should aim to lead globally, the areas where the country would nurture global champions, and the institutional capabilities required to achieve these goals.
Central to India's growth strategy is the interdependence between national and state progress, emphasizing an inclusive and sustainable development path for the next quarter-century.
The vision document was crafted through extensive consultations with ten sectoral groups of secretaries (SGoSs), each focusing on key areas: rural and agriculture, infrastructure, resources, social vision, welfare, finance and economy, commerce and industry, technology, governance, and security and foreign affairs. Niti Aayog integrated these sectoral visions into a unified document, with inputs from industry leaders and thought leaders.
The Finance Ministry has projected a template for economic development over the next 25 years, anticipating a population of around 1.5 billion and a per capita income ranging between $18,000 to $20,000 by 2047.
In FY24, India's economy was approximately $3.7 trillion, with a per capita income estimated at around $2,500 in FY23. Nations with a per capita income exceeding $17,000 are generally classified as developed countries.
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