India outlines road map for developed nation status by 2047
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The Government of India outlined a road map to achieve 'Viksit Bharat' (developed nation) status by the 100th anniversary of its independence in 2047. The plan identified a target of reaching a US$10 trillion economy, up from the current US$4.5 trillion, by increasing its global export share from two percent to 10 percent and attracting manifold increases in Foreign Direct Investment. The initiative emphasized that this economic growth must be accompanied by inclusive policies, significant investments in skilling, and expanded healthcare infrastructure to support a population approaching 1.5 billion people.
Consequences
To achieve these goals, the government will need to implement deep-seated reforms across land, labor, power, agriculture, and regulatory sectors. The strategy also necessitates an exponential increase in education and research spending to transition the nation's large population into a productive knowledge economy.
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