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Vision India @2047: Indian Economy to be at 30 trillion dollars by 2047

NITI Aayog, the Indian government’s think tank, is working on a vision document named Vision India @2047 to push the country toward becoming a developed economy valued at around $30 trillion by 2047, as shared by CEO BVR Subrahmanyam. The plan is to complete the draft by December and make it public within the following three months.

This effort began in 2021 with the Prime Minister’s Office forming 10 sectoral groups of secretaries, and later in 2023, NITI Aayog was assigned to combine these visions into a unified framework. Despite the initial target of a $5 trillion economy by 2024-25, current expectations suggest India might only reach $4 trillion due to a declining growth rate.

Subrahmanyam stressed that the Vision India @2047 document aims to outline necessary changes and reforms for India to achieve developed nation status by 2047. It addresses concerns like the middle-income trap, where a country faces challenges in international competition due to high wages in labor-intensive sectors and lower productivity in higher value-added activities.

In November, consultations with sectoral groups of secretaries and influential figures such as Gautam Adani, Mukesh Ambani, and Google CEO Sundar Pichai are planned to gather insights. Although the growth rate required for a $10 trillion economy by 2047 wasn’t specified, Union Minister Hardeep Puri recently predicted India’s economy reaching $10 trillion by 2030, necessitating a consistent 9 percent growth rate. 

Monika Shanmugam