Page 2 - Developed Nations

Needs to sustain growth to hit bottom echelons of developed country: Sanyal

Economist Sanjeev Sanyal on Wednesday said India needs to sustain the current growth momentum to reach the "bottom echelons" of being considered a developed world by 2047. Sanyal, a full-time member of the Economic Advisory Council, suggested that developing fast is imperative because by 2047, India would have aged and be in the same place as China is right now. "We still remain a very poor country. So, we have to sustain this performance for 25 years. Only then are we going to get to the bottom echelons of being a developed country in 2047 when we will be 100 years of freedom," Sanyal said while addressing the India Global Forum here. He said this is a window of opportunity before the country, and we ought to make it work by remaining focused on economic growth and not getting distracted by other things. Sanyal said it is essential that we continue to undertake reforms to realise the growth potential and listed out some essential priorities. He said the judicial side requires a l

Infra to be vital component for India to become developed nation: Puri

Infrastructure will be a vital component for India to become a developed country by 2047, Union minister Hardeep Singh Puri said on Monday and asserted that the country will be the third-largest construction market globally by next year. Highlighting the vitality of the construction industry for the Indian economy, the Union housing and urban affairs minister said the construction industry is among the fastest growing industries in the country. Addressing a gathering at the inauguration of the National Workshop on 'Recent Development with recycling and use of construction and demolition waste in the construction sector here, he said solid waste processing in India has witnessed a significant rise from mere a 17 per cent in 2014 to more than 77 per cent in 2024. Norwegian Ambassador to India May-Elin Stener also attended the event. "Now, we are transferring these capabilities in other forms of waste management, including construction and demolition waste, plastic waste, e-waste and

Introspect on adapting for India's path to a developed nation: FM to SPMCIL

Finance Minister Nirmala Sitharaman on Thursday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to find ways to transform itself at a time when its core business of printing currencies is depleting because of India's transition to a digital economy. Addressing the foundation day of SPMCIL, Sitharaman said at a time when minting coins in a digital era has become slightly jaded, the corporation has kept itself relevant by coming out with commemorative coins which can be gifted as souvenirs. The commemorative stamps and coins produced by the organisation are reflective of India's branding, cultural and environment issues, she said. SPMCIL has set the standards in gold and silver refining, and since 2022-23, SPMCIL has refined 5,300 kg of seized gold. It has paid a dividend of Rs 533.77 crore for 2022-23. The core strengths of SPMCIL include manufacture of bank notes and coins, also commemorative coins, and security products like passport and non-judicial ..

Need to grow at 7-8% to become developed nation by 2047: Ex-RBI Guv

India needs to grow at seven to eight per cent annually in order to become a developed nation with USD 13000 per capita income by 2047, former Reserve Bank Governor C Rangarajan said on Tuesday. Asserting that innovation cannot be a single solution to reduce inequalities or poverty, the former Chairman of the Prime Minister's Economic Advisory Council said besides faster growth rate, the country may need social safety nets such as subsidies in kind of cash and basic income. I would say that the real growth between 7 per cent and 8 per cent will take it closer to the developed economy, because the developed economy by definition shows per capita income of USD 13,000 or more. India's per capita income is now at USD 2700. That means per capita income will have to increase by five times, he told PTI. According to him, if the exchange rate is kept at a lower level or if the prices go up then nominal income will increase, then India can become a developed nation. Therefore, I am saying t

Interim Budget: Focus on infrastructure growth sets stage for Viksit Bharat

The government's focus on governance, development, and performance, along with bilateral trade agreements that promote FDI, will prioritise domestic development

Need to focus on education, healthcare to become developed nation: Rajan

Former RBI Governor Rajan highlighted the fact that India has maintained an average growth rate of six per cent over the past 25 years, which is no easy feat for any country

Quality workforce, investment in R&D essential to become 'developed nation'

To bolster its goal of becoming a developed nation by 2047, India needs to substantially increase the size of its quality workforce and investment in R&D in science and technology, including by the private sector, a top Indian official has said. In an interview with PTI on the sidelines of the PANIIT 2024 meeting in a Maryland suburb of Washington DC, Abhay Karandikar, Secretary, Department of Science and Technology, said that one of the key challenges that India has is shortage of trained manpower in R&D sector and "that requires to be enhanced substantially. Given the size and scale of our country, we need a large number of quality R&D workforce to drive the science and technology landscape of the country, he said. Another thing is that we need substantial investment in the R&D sector as a percentage of our GDP, which has been really much lower than the world average, Karandikar said in response to a question. India has taken the initiative to set up a very ...

2023: A year when G20 helped India solidify its place on world stage

India's focus to be the voice of Global South has earned it support in region. Some experts believe it has even changed the structure of G20 into a development organisation and not just an elite club

India aims to become developed nation by 2047: Hardeep Singh Puri

India is on the cusp of making history, as it looks forward to becoming a developed nation by 2047, Union minister Hardeep Singh Puri said on Tuesday. Puri made the remarks after offering prayers at the Patna Sahib Gurudwara on the occasion of Veer Bal Diwas', which is being observed to commemorate the martyrdom of two sons of Guru Gobind Singh. "We are on the cusp of making history. India looks forward to becoming a developed nation by 2047. At such a point of time, commemoration of the martyrdom (shahadat') is of immense value, he said. Puri, who is the only Sikh in the Narendra Modi cabinet, expressed delight upon visiting the historical site where the 10th Sikh Guru was born. "I consider myself privileged to be here on this occasion. Prime Minister Narendra Modi had last year announced that December 26 will be observed as Veer Bal Diwas, said the Union minister, who was accompanied by senior leaders of the BJP in Bihar. Puri, who holds the crucial portfolios of Housing & Urban

CEA reiterates India's stand for more climate funds from developed nations

Citing studies by the United Nations agencies and independent studies, the report said that the developed world has fallen short on its climate action

Citizens, not govt, can make India developed nation, says Amit Shah

Union Home Minister Amit Shah on Friday said only citizens and not the state or Central governments can turn India into a developed and self-reliant country. He was speaking at a function organised in Chanduvav village near Veraval town in Gujarat's Gir Somnath district to welcome 'Vikasit Bharat Sankalp Yatra', a countrywide initiative launched by Prime Minister Narendra Modi last month to bring government schemes at the doorstep of needy citizens. "The government, be it state or Central, cannot make India a developed country. Only 130 crore citizens, not anyone else, can turn India into a developed and self-reliant country," said Shah. The Vikasit Bharat Sankalp Yatra is an attempt to uplift the lives of 70 crore needy citizens, Shah said, and urged officials to aim for 100 per cent saturation of all schemes so that no person is left behind. According to Shah, there were two 'Bharats' that existed before 2014 - one where people had everything and another where 70 crore people wer

Developed nations must mobilise $100 bn for climate financing: OECD

These trends may indicate an increasing recognition by international climate finance providers of the growing needs and opportunities for climate action in poorer and more vulnerable regions

Developed nations pledge $9.3 bn to climate fund at gathering in Germany

Developed countries pledged USD 9.3 billion to help poor nations tackle climate change at a conference held in the German city of Bonn on Thursday, authorities said. However, nongovernmental groups criticized the outcome, saying the funds fall short of what is needed to tackle climate change. The pledges will help replenish the South Korea-based Green Climate Fund, established in 2010 as a financing vehicle for developing countries. It's the largest such fund aimed at providing money to help poorer nations in reducing their emissions, coping with impacts of climate change and boosting their transitions to clean energy. The pledged money at the conference in Bonn will be used to finance projects in developing and emerging nations between 2024 and 2027. The German government alone pledged 2 billion euros (USD 2.1 billion). Twenty-five countries came forward with fresh pledges while five said that they would announce theirs in the near future. The collected sum will likely turn out to

Developed Bharat's dream to come true when villages develop: PM Modi

Prime Minister Narendra Modi on Tuesday said the dream of a developed Bharat will be realised only when states, districts and villages develop. He also said the Centre has made a 20-fold increase in the budgetary allocations for railway projects in Chhattisgarh in the last nine years as compared to what was given before 2014. PM Modi was speaking at an event at Jagdalpur in poll-bound Chhattisgarh, where he dedicated to the nation and laid the foundation stones of different projects worth Rs 26,000 crore, including the NMDC's steel plant. "The dream of a developed Bharat will be realised only when states, districts and villages in the country develop," he said. Speaking about the NMDC Steel Ltd steel plant at Nagarnar in Bastar district of the state, the prime minister said it would provide employment opportunities to 50,000 youths of Bastar and adjoining areas. On the occasion, PM Modi virtually flags off Tadoki (Kanker district)-Raipur DEMU train service.

'Developed nations' L&D funding proposals threaten progress at COP28'

Experts from the Global South have expressed concern that developed countries' attempts to narrow the eligibility criteria for receiving loss and damage funding and expand the contributor base may slow down negotiations on the critical issue at COP28. They also stressed that developing countries must present a united front during COP28 -- the annual United Nations climate talks -- in Dubai in December to achieve a substantial decision on the matter. The creation of a Loss and Damage Fund (LDF) marked a significant milestone at COP27 in Egypt's Sharm El Sheikh last year and represented the culmination of years of advocacy by climate-vulnerable developing nations. The fund's primary objective is to offer financial support to countries that are highly vulnerable to severe impacts of climate change. Ministerial consultations held in New York last week on the funding arrangements for loss and damage highlighted stark disagreements between developed and developing nations regarding who ..

Let us resolve to make India corruption-free, developed nation: Goyal

As the Rajya Sabha on Monday started a discussion on Parliament's 75-year journey, Leader of the House and Union Minister Piyush Goyal called for making India a corruption-free and developed nation. When the House assembled for the five-day session, Chairman Jagdeep Dhankhar lauded the prime minister's vision for the successful G20 Summit. He also announced that the House will discuss 'Parliamentary Journey of 75 Years Starting from Samvidhan Sabha -Achievements, Experiences, Memories, and Learnings'. The chairman said all members will get an opportunity to express their views during the six-hour discussion. Leader of the Opposition and Congress president Mallikarjun Kharge also requested the chairman to revoke the suspension of two AAP members, Sanjay Singh and Raghav Chadha, at a time when the House is holding the session and moving into the new Parliament building. Initiating the discussion, Leader of the House Goyal recalled the contribution made by various members hailing fro

'India needs to grow at 8-9% for 20 yrs to become developed nation by 2047'

India needs to grow at 8-9 per cent for the next 20 years to become a developed nation by 2047 as envisioned by Prime Minister Narendra Modi, Deloitte South Asia Ceo Romal Shetty said. He said India can benefit from the 'China plus one' strategy as no other country can offer the scale and size of operations as is available here. Referring to the space sector, Shetty said India already has 200 startups and can attract investments of USD 100 billion by 2040. "We need to grow at 8-9 per cent till at least 2047 to become a developed economy.... moving away from middle income level... To grow at that pace is not easy. Very few countries in the world have been able to grow at a pace of 8-9 per cent year-on -year," Shetty told PTI. Modi in an interview to PTI recently said India will be in the top 3 economies in the near future. "By 2047, I am sure that our country will be among the developed countries. Our economy will be even more inclusive and innovative," he had said. India is curre

TMS Ep501: Bindeshwar Pathak, gender gap, tractor stocks, developed country

What made Bindeshwar Pathak's 'Sulabh' so important? What's holding Indian women back? Will an erratic monsoon halt the rally in tractor stocks? What is a developed country? All answers here

What is a developed country, a status India is aiming to achieve by 2047?

PM Modi, in his Independence Day speech on Tuesday, also said that India would become the third-largest economy during his third term

On 100 yrs of freedom in 2047, India will be a developed nation: PM Modi

When India celebrates 100 years of freedom in 2047, it will be a developed nation, Prime Minister Narendra Modi said on Tuesday, exhorting 140 crore Indians not to pause or step back from that dream. Addressing the nation on the 77th Independence Day from the ramparts of the Red Fort, Modi said the country is moving forward with the dream of a developed India by 2047. "It's not just a dream but a resolve of 1.4 billion citizens. To fulfil that resolve, hard work is essential, but our national character is the most significant force. The countries that have progressed, the ones that have overcome challenges, all of them have had a crucial catalyst their national character. We must further strengthen our national character and move forward," he said. He also said that India is a mother of democracy, a model of diversity and asserted that while there are several languages, several dialects, various costumes, the country has to move forward on the basis of all. "The dreams are many, t