India is set to become a high-income country by 2047 with a projected GDP of USD 23 trillion to USD 35 trillion, buoyed by the services sector, a report has said. By 2047, the services sector is projected to make up 60 per cent of India's GDP, while manufacturing will account for 32 per cent, both becoming crucial drivers of economic growth, the report by Bain & Company and nasscom said. "With nearly 200 million individuals expected to enter the workforce in the coming decades, India has a unique opportunity to drive high-value job creation and unlock significant economic potential," the report said. A sectoral technology roadmap could play a pivotal role in enabling this transformation, it noted. Advances in Al-driven chip design, touchless manufacturing, and backward integration into component manufacturing and design could enhance cost competitiveness and innovation, driving the sector's export share from 24 per cent to 45 per cent-50 per cent by 2047 and its GDP contribution ..
Union Minister Mansukh Mandaviya on Saturday blamed previous governments for missing the opportunity to develop infrastructure for boosting economic expansion, saying the Modi government has prepared the roadmap to achieve the Viksit Bharat@2047 goal. This assumes significance in view of India's ambitious goal of achieving the target of a fully developed nation in 2047 when the country will be celebrating 100 years of independence. Speaking at The Times Group's ET NOW Global Business Summit (GBS) 9th Edition, Mandaviya said that many trains (opportunities to push economic growth) came and went but the country was not ready with its luggage and ticket (roadmap for development) at the right time. The minister, who holds the portfolio of Labour and Employment and Youth Affairs and Sports, was referring to the absence of a clear-cut roadmap for development, especially infrastructure, commensurate with the need of the hour to keep pace with changing times for achieving high economic ...
Historically, most nations have managed to move only one income bracket higher over the past 80 years
Investment, jobs, and deregulation vital for India's development
The target of India achieving the status of a developed nation, or Viksit Bharat by 2047, seems "achievable", consultancy firm Deloitte India said on Friday advocating for a sharp focus on manufacturing and services, and measures to rein in inflation. The Economic Survey 2024-25, tabled in Parliament on Friday, said India needs to grow by 8 per cent on an average for at least a decade to become a developed nation by 2047. "According to our calculation, we need 7 per cent growth at least to get to USD 30 trillion by 2047. That's a math we did assuming a 4 per cent inflation rate and about one and a half per cent depreciation. "I think the momentum that India needs is in the services sector and the manufacturing sector. Because that is where the growth potential lies. And not in just every sector, but in the high value added segments," said Rumki Majumdar, Economist, Deloitte India. In an interview with PTI, she said 8 per cent could be challenging for some years especially when the
With transformative reforms of the past decade propelling India to global stage, it is India's moment in history, ITC Chairman Sanjiv Puri said, exuding confidence that the country will become a developed nation by 2047 on the back of strong macro fundamentals and purposeful policy interventions. India has risen from being the 10th largest economy in the world in 2014 to the fifth largest, driven by landmark reforms like GST and an unprecedented infrastructure push. The decade under Prime Minister Narendra Modi is hailed for landmark reforms, inflation control, financial inclusion and digitisation despite inheriting a weak economy. "In the new world order, which is characterised by new policies on geo-economics and geo-politics, I think the world is looking towards supply chain diversification, and supply chain resilience. "Because of the climate emergency, the world is looking at an energy transition. Digital transformation is another area that the world is going through. Food and
Prime Minister Narendra Modi asserted on Sunday that the capabilities of India's young population will power the country's rise to becoming developed. Addressing the Viksit Bharat Young Leaders Dialogue here, he said some people may find the goal of India becoming developed difficult but it is not impossible. No power can stop India from becoming a developed country if the spirit of 'Viksit Bharat' guides its every step, policy and decision, he said, highlighting the strength and numbers of the country's young population. "Big targets have to be set for a country to march forward... This is what today's India is doing," Modi said, adding that the country is accomplishing numerous goals in different sectors ahead of time. India has set the target of 20 per cent ethanol blending in petrol by 2030 and will meet the goal before that, he said. The prime minister added that the government alone cannot drive the country forward and told youngsters drawn from across the country that the .
Computing and technological advancement is a core building block for India to become a developed nation by 2047, Union Minister for Electronics and Information Technology Ashwini Vaishnaw said here on Saturday. The minister also said C-DAC plays a major role in this regard. The Centre for Development of Advanced Computing (C-DAC) is the premier organisation of the Union Ministry of Electronics and Information Technology (MeitY) for carrying our research and development in IT, electronics and associated areas. Vaishnaw launched one VEGA-based SoC ASIC and two DIR V VEGA processor based development boards designed and developed by C-DAC at the event held here. These are the ARIES ECO and ARIES NOVA development boards and THEJAS64 Indigenous 64-bit SoC, a release said. "ARIES ECO is useful for students, providing a hands-on platform for experimenting with applications like sensor fusion, smart meters, and wearable devices. It offers an easily accessible platform for education, ...
India also flagged the difference in the amount of subsidy provided by developing nations such as India, as compared to developed nations
Vice President Jagdeep Dhankhar on Saturday asserted that an eight-fold rise in per capita income needs to be achieved to realise the goal of "Viksit Bharat" (developed India) by the year 2047. Addressing the second convocation ceremony of Mahatma Gandhi Central University in Bihar's Motihari, he also expressed hope that the country, which was currently the "fifth largest economy" in the world, would "soon leave Germany and Japan behind". Lavishing praise on the Narendra Modi government at the Centre, without taking any names, Dhankhar said, "The last 10 years have been marked by eradication of a culture of corruption and middlemen seem to have been eliminated". "The world looks at us with surprise as we keep marching towards getting our due place on the global stage. We are the fifth largest economy as of now but things are looking up and soon we will leave Germany and Japan behind," said the Vice President. He was speaking in presence of Bihar Governor Rajendra Arlekar and local
Gujarat Chief Minister Bhupendra Patel on Monday said the state will lead India's effort to become a developed nation by 2047 in 'Amrit Kaal' by serving as the country's growth engine. Patel was launching projects of Rs 2,000 crore as part of the ongoing 'Vikas Saptah, (development week) to mark the state's development under the chief ministership of Narendra Modi. Modi served as Gujarat's CM from 2001 to 2014 and then went on to become the prime minister. The state government recently announced that it would celebrate 'Vikas Saptah' (development week) every year starting October 7, the day Narendra Modi took oath as the state's 14th chief minister in 2001. "Prime Minister Modi inspires us by showing how much a single person can achieve," Patel said. Patel spoke about three phases of Gujarat, the first being since its formation in 1960 till 2001 when it faced several issues. Then came the second phase when under Modi's leadership Gujarat witnessed transformation in different ...
Gill noted that there were only 34 countries which transitioned from a middle-income to a high-income country in the period between 1990-2023, he says
Only three-four countries in the past 100 years have transformed themselves into developed nations - Japan, Taiwan, South Korea; and China in the 1990s
President Droupadi Murmu on Thursday said the contribution of the present generation is crucial for achieving the goal of making India a developed nation by 2047. Addressing the convocation ceremony of Mohanlal Sukhadia University in Udaipur, the President said the policy of altruism over selfishness will help blossom talent of the students. "Baba Saheb Ambedkar believed that character is more important than education. He believed that an educated person who does not have character and humility is more dangerous than a violent creature. If his education causes harm to the poor, that person can become a curse for the society. "I want to tell all of you that wherever you are, do not do anything which tarnishes your character. Your behaviour should have the highest moral values, along with integrity in every aspect of your life," Murmu said. According to the President, today, when rapid changes are taking place across sectors, including in the field of science and technology, the spir
Union Minister for Environment, Forest and Climate Change Bhupender Yadav on Saturday said there is a need to balance economic development of the country with ecology, as both are interconnected. Human-centric approach to development is insufficient, he said, speaking at an event at the Indian Institute of Technology (IIT) Bombay -- Ideas4LiFE - Lifestyle for Environment' -- that aims to inspire innovative environmental solutions. "A developed economy should be a developed ecology too....there is interconnectedness between all life forms. Life extends beyond human needs, therefore, there should be harmonious coexistence of all living beings and the environment," the minister said. Ideas4LiFE - Lifestyle for Environment' has been organised in collaboration with the Maharashtra Environment Department to engage students, faculty and researchers nationwide in generating ideas promoting an eco-friendly lifestyle. The minister further urged students to embrace environmental consciousness
Since 1990, 34 middle-income economies covering only around 250 million people have managed to shift to high-income status
India's ancient knowledge and philosophy can be the guiding light towards a developed nation, industry body Assocham Secretary General Deepak Sood has said. Speaking at the special launch event of a book on Prime Minister Narendra Modi late on Friday evening, he said the growth and advances that India has witnessed in recent years are an outcome of the leadership the country has, and this book has shown us how much progress we have made towards our goal. "We are blessed with ancient knowledge and philosophy that can be our guiding light towards a developed nation," he noted. Authored by former Rhodes Professor at Cornell University, US, and currently a member-HR at the Capacity Building Commission, R Balasubramaniam, the book titled 'Power Within: The Leadership Legacy of Prime Minister Narendra Modi', captures the civilisational wisdom of Bharat. It also explores how Modi's remarkable vision to expedite progress, as well as indigenous knowledge and ancient wisdom, has shaped globa
Suggestions ranging from making India skill capital of the world to judicial reforms have been given by citizens for making India a developed nation by 2047, Prime Minister Narendra Modi said on Thursday. 'Viksit Bharat 2047' are not mere words, they are reflection of resolve and dreams of 140 crore people, Modi said addressing the nation from the ramparts of the Red Fort on the 78th Independence Day. Suggestions have been collected from citizens, and crore of people gave suggestions for Developed India 2047. The dreams of every citizen and their confidence is reflected in those suggestions, the prime minister said . Some people gave the suggestion of making India the skill capital' of the world, some suggested making it a global hub of manufacturing, he added. Some people expressed concern over delay in justice, and they said there is a requirement for judicial reform." Other suggestions included making India universities global, having a 'global media', making skilled Indian you
Viksit Bharat is not a project but a vision document under preparation, outlining the growth trajectory for India to become a developed nation by 2047, the government said on Monday. Replying to supplementary queries on whether financial assistance has been provided to states for Viksit Bharat projects during the Question Hour in the Rajya Sabha, Union Minister for Planning Rao Inderjit Singh said, "It is not a project per se". Viksit Bharat, Sing said, "It is a vision document that is under preparation...As Viksit Bharat is not a project, therefore, provision of financial assistance to states does not arise". Replying to a question on the policy steps taken in the infrastructure and connectivity sector to boost growth and development, the minister stated that the government firmly believes that these sectors are going to be growth engines for Viksit Bharat. "Infrastructure development is an ongoing priority of the government to boost growth and development," the minister added.
PM Modi said emphasis on skill, research, innovation and job based knowledge necessary for making 'Viksit Bharat'