This editorial is based on “Virtues of planning: On the Vision India@2047 plan” which was published in The Hindu on 02/11/2023. It discusses the government’s blueprint to develop India by 2047, which is expected to be unveiled by the Prime Minister in early 2024.
For Prelims: Vision India@2047, NITI Aayog, PPP (Purchasing Power Parity), Nominal GDP, Demographic dividend, Middle Income Trap, Periodic Labour Force Survey (PLFS), Labor force participation rate (LFPR), Production-linked incentive scheme, National infrastructure pipeline
For Mains: Vision India@2047, Factors that may Contribute to India’s Economic Growth, Challenges before India’s 30 tn Dollar Economy Vision and Way Forward
In early 2024, the Prime Minister is expected to unveil a road map to transform the country into a developed nation with a USD 30 trillion economy by the time it completes 100 years of Independence.
The Vision India@2047 plan, as it is officially named, has been in the works for nearly two years with officials across ministries brainstorming on how to take the country from its current level of development to where it aspires to be.
The NITI Aayog, in the process of giving this vision document a final shape, will soon run its central ideas and goals past top minds across sectors, including World Bank President Ajay Banga, Apple chief Tim Cook, as well as Indian industrialists and thought leaders, to finetune them and factor in any blind spots. Coming ahead of the Lok Sabha election, the plan may well be viewed as the government’s policy playbook promise for prospective voters.
Drishti Mains Question:
India aims to become a USD 30 trillion economy by its 100th year of independence. Discuss the key objectives and challenges associated with this vision, and propose policy measures that can help India overcome the obstacles in achieving its economic aspirations.
Q1. Define potential GDP and explain its determinants. What are the factors that have been inhibiting India from realizing its potential GDP? (2020)
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