Viksit Bharat 2047: A road map for India to become a developed nation

India has set a bold target for itself: to become a developed nation, known as Viksit Bharat, by the 100th anniversary of its independence in 2047. While India is already the world's fourth-largest economy, measured by Gross Domestic Product (GDP), there is room for significant improvement. The goal is a GDP of at least US$10 trillion, which would put India on par with developed nations.

To achieve this, India must focus on increasing its share of global trade and Foreign Direct Investment (FDI). Currently, foreign trade accounts for 40% of India's GDP, so doubling this share is crucial. Additionally, India's share of global exports, currently around 2%, should increase to 10%. In order to attract more FDI, India needs to streamline economic reforms in areas like land, labor, power, agriculture, infrastructure, and regulatory obstacles.

Inclusive economic growth is essential, meaning growth must benefit all segments of society, especially the poor. The Government of India has implemented programs like the Pradhan Mantri Garib Kalyan Yojana, but job creation for the youth should be a national priority. The government and the organized sector must work together to create jobs, and encourage a culture where youth become entrepreneurs and job creators rather than job seekers.

India's workforce is vast, with nearly 1.5 billion people, which presents a demographic dividend if harnessed properly. However, the country's education system still relies heavily on rote learning, producing graduates who may not be immediately employable. Skilling and re-skilling graduates, promoting vocational training, and fostering industry-academic collaboration are vital.

Investment in education, both public and private, should increase, particularly in states lagging behind the national average. Research and development must also be given top priority.

India's healthcare system is undergoing transformation due to digitalization and infrastructure expansion. However, challenges remain, including rising medical costs and a growing chronic disease burden. Programs like Ayushman Bharat and Ayushman Arogya Mandir have made a significant impact, but public spending on healthcare still lags desired levels. India must continue its efforts to transform public health infrastructure, making it accessible, affordable, and of high quality for its vast population.

India must also pursue sustainable development, steering clear of the high-carbon pathways followed by industrialized nations and China's continued reliance on coal. India has the unique opportunity to follow a low-carbon pathway to a high-income economy, and it should do so not only for the world's benefit but also for the well-being of its own citizens.