Viksit Bharat 2047: India’s roadmap to become a developed nation - opinion

India has set an ambitious goal to become a developed nation, termed "Viksit Bharat," by 2047, coinciding with its 100th anniversary of independence. While the concept of a developed country is generally understood, the government is working to define its specific policy implications.

Currently the world's fourth-largest economy by GDP, India's $4.5 trillion GDP is considered below par for its population approaching 1.5 billion. To achieve "Viksit" status, the GDP must significantly increase to at least $10 trillion. This target is deemed achievable through two primary strategies: increasing India's share of international trade, particularly global exports from the current 2% to 10%, and substantially growing Foreign Direct Investment (FDI), which stood at nearly $100 billion last year.

Realizing these economic objectives hinges on the Indian government implementing deep-seated reforms. These reforms must address critical areas such as land, labor, power, agriculture, infrastructure, and regulatory obstacles. However, the article stresses that GDP growth alone is insufficient; growth must be inclusive, benefiting the most vulnerable segments of society.

Beyond economic metrics, the vision for Viksit Bharat emphasizes job creation for the youth, moving beyond government schemes like the Pradhan Mantri Garib Kalyan Yojana. The goal is to foster an ecosystem where young people become entrepreneurs and job creators, rather than solely job seekers. Addressing economic inequality and reforming the education system, which currently relies heavily on rote learning, are also highlighted as vital components for creating an employable and innovative workforce.