For India to become ‘developed’ by 2047, here’s what we need to do!

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Viksit Bharat 2047 is the vision to transform India into a developed nation by 2047, the 100th year of independence. This vision encompasses various facets of development, such as economic growth, environmental sustainability, social progress and good governance, to make India a developed nation by 2047.

According to Oxford Economics, India's gross domestic product (GDP) needs to grow by at least 8 percent annually from 2023 for the country to become developed by 2047, while data shows the country has never achieved this rate. India's GDP accelerated to 7.7 percent in 2023 from 6.5 percent in 2022.

International financial organizations currently classify countries with per capita income of $13,845 and above as developed countries. In 2047, this would be higher. India’s per capita income as of now is $2,500 (IMF, April 2024), which shows the distance we have to travel. Based on assumptions of the future exchange rate of rupee and domestic inflation, we need to have an average annual real rate of growth of six to seven per cent to achieve this level of per capita income. Is it possible? Yes... To know what ? Please watch full video...