The paper said that Viksit Bharat is envisioned to be built on the three pillars of ‘Demography, Democracy and Diversity’. Prime Minister Narendra Modi chaired the Ninth Governing Council meeting of NITI Aayog.
India needs to strive to be a USD 30 trillion economy by 2047 with a per capita income of USD 18,000 per annum to become a developed economy, NITI Aayog has said in an approach paper ‘Vision for ‘Viksit Bharat @2047’.
According to the paper, which was discussed in the NITI Aayog meeting on Saturday, India needs to avoid the middle-income trap.
The paper said that Viksit Bharat is envisioned to be built on the three pillars of ‘Demography, Democracy and Diversity’.
Prime Minister Narendra Modi chaired the Ninth Governing Council meeting of NITI Aayog.
The paper said that studies have shown that barely a dozen middle-income countries have broken out to become develop high income countries in the last 70 years.
“Progressing from a middle-income to a high-income level requires sustained growth in the range of 7-10 per cent for 20-30 years. Very few countries have managed to do this. The reasons have been well analysed and include structural, institutional, and other socioeconomic factors. As a nation we need to avoid this trap and carefully work towards breaking out of it,” the paper said.
“As for the economy, to become a developed nation, we need to strive to be a USD 30 trillion economy by 2047 with a per capita income of USD 18,000 per annum. The GDP would have to grow nine times from today’s USD 3.36 trillion and the per capita income would need to rise eight times from today’s USD 2,392 per annum,” the approach paper said.
Referring to the tangible gaols for Viksit Bharat, the paper said that on the demographic front, India can aim for raising the average life expectancy to around 84 years.
“The Total Fertility Rate (TFR) will be gradually declining to about 1.80 and the population stabilising at about 165 crores by 2047. Being a youthful nation, the working age population would be around 112 crores, making it the single largest workforce of any nation in the world. In a similar manner, we can aim for tangible goals on some basic parameters such as literacy and health with a target of universal literacy and a very low Infant Mortality Rate (IMR),” it said.
For Bharat@2047, the paper projects a median population age of 37 years. In terms of social profile, it calls for 100 per cent literacy rate, over 70 per cent female labour participation (from current 37 pc), 100 per cent skilled workforce and top 10 in global gender equality.
In terms of economic profie, the paper calls for over USD 18,220 per capita GDP, 34 per cent industry contribution to GDP and 55 per cent reduction in carbon emission intensity from 2005 level.