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

The Indian government has set a significant objective for itself: to become a developed nation, known as Viksit Bharat, by 2047, coinciding with the country's 100th year of independence. While it is widely accepted that this term signifies a developed country, it is essential to define what this entails for policy purposes. This report aims to outline the necessary steps to achieve such a transformation.

India's current GDP of $4.5 trillion, although placing it fourth in the world, is considered insufficient for a population of nearly 1.5 billion. To achieve the status of a developed nation, the GDP needs to grow substantially, reaching at least $10 trillion. This growth can be facilitated by increasing India's share of international trade and foreign direct investment (FDI).

Currently, India's share of global exports is around 2%, which needs to rise to 10%. Additionally, FDI, which stood at nearly $100 billion in the previous year, should also see significant growth.

To foster inclusive growth, the government must implement deep economic reforms in various sectors, including land, labor, power, agriculture, infrastructure, and regulatory obstacles. While the GDP must accelerate, economic growth must benefit the most vulnerable sections of society. The Pradhan Mantri Garib Kalyan Yojana is a commendable initiative, but more needs to be done to create jobs for the youth. Both central and state governments must foster an ecosystem that encourages entrepreneurship and job creation.

India's education system has a strong emphasis on rote learning, producing large numbers of graduates who may not be immediately employable. Therefore, skilling and reskilling these graduates is crucial. The focus should be on vocational training, industry-academic collaboration, and imparting tech skills, including artificial intelligence (AI), to graduates.

Increasing spending on education, both public and private, especially in states lagging behind nationally, is also essential. Simultaneously, research and development must be given top priority across all institutions.

India's demographic dividend, with a population close to 1.5 billion, can be a significant advantage if the population is equipped with the necessary skills to thrive in a knowledge economy. The healthcare system is also undergoing transformation due to digitalization and infrastructure expansion. However, challenges remain, such as rising medical costs and an increasing burden of chronic diseases.

The government's initiatives, like Ayushman Bharat and Ayushman Arogya Mandir, have been effective in providing healthcare access. Medical college seats have more than doubled since 2014 to address the doctor-patient gap, and India has emerged as a global hub for medical tourism. Nevertheless, serious challenges persist, including high public spending on healthcare and the potential rise of heart disease and diabetes in India.

Strengthening and streamlining public health infrastructure is necessary to ensure accessibility, affordability, and quality healthcare for the majority of the population.

India can pursue a low-carbon pathway to become a high-income economy, avoiding the high-carbon development models of industrialized countries or China's heavy reliance on coal. As the only major economy with the potential to follow a low-carbon pathway based on sustainable development, India must strive for this goal not only for global aspirations but also for the well-being of its citizens.

India is well-positioned to achieve the status of Viksit Bharat by 2047, requiring a whole-of-government approach and a mission-driven mindset to ensure no aspect of this national endeavor is overlooked. The next 20 years are considered the most crucial period in India's history.