Mission 2047: India charts road to a developed economy

India is drawing up near, medium and longterm goals in line with its target to become a developed economy by 2047, with a focus on electric mobility, digitisation of payments infrastructure and high-speed expressways, officials said.

All central ministries will soon firm up plans indicating five-year budgetary requirements for better financial management, they said.

Extended producer responsibilities for goods such as cars, recycling centres for electronic waste like cell phones, comprehensive soil surveys, measures to raise farm output, holistic skilling of the country’s youth, speedier production from auctioned mines and extensive assessment of Indian geology, and increased manufacturing output with lower emission intensity are some of the other key areas in focus.

Looking to Boost Job Creation
The overarching goal of both the short-term as well as medium and long-term plans is to lift the country’s economic growth and boost job creation, keeping in view social progress, environmental sustainability, and good governance, the official said.

“All ministries are conducting fresh public consultations on both Vision 2047 and the nearer term goals,” a senior government official said.

Some of the measures being identified as part of this plan are likely to be rolled out in the first 100 days of the new government taking charge.

The first inter-ministerial meeting with top officials to help define these goals under this initiative was held in the second fortnight of March 2024, said a government official.

Prime Minister Narendra Modi had rolled out the Viksit Bharat@2047 initiative in December 2023 to make India a developed nation in the 100th year of its independence.

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The idea behind the exercise is also to have a projection for the spending these measures would entail in the long term, another official said. Long-term capital expenditure plans, subsidy and production-linked incentive (PLI) disbursals or sops under any policy will be part of the projection.

“Intentions to introduce any future sops, or extend applicability of existing ones, also need to be spelt out in advance,” a second official said. “Measurable outcomes need to be defined and tracked under the 2047 targets.”

Finance minister Nirmala Sitharaman had said in her February budget speech: “In July, our government will present a detailed roadmap for our pursuit of Viksit Bharat.”

The Niti Aayog has estimated that the Indian economy will swell to $30 trillion by 2047, up from around $4 trillion now.

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