Vision plan underway for India to become a $30 trillion economy by 2047: NITI Aayog CEO

NITI Aayog CEO BVR Subrahmanyam said on October 29 that a vision document is being prepared for India to become a developed economy of around $30 trillion by 2047.

The vision document outlines the institutional and structural changes or reforms needed for the country to become a developed country by 2047.

The draft Vision India@2047 will be finalized by December 2023 and submitted to India within the next three months, he said.

“A vision plan is being prepared for India to become a developed economy of about $30 trillion ($29.2 trillion) by 2047,” he told reporters.The vision document aims to become a middle-income country. It's about avoiding the trap.”

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According to the Asian Development Bank (ADB), the middle-income trap is a middle-income country where wages are so relatively high that they can no longer compete internationally with standardized, labor-intensive products, but with more expensive products. But I see a situation where they can't compete. Productivity is relatively low, so value-adding activities need to be carried out on a sufficient scale.

“We are worried about the middle-income trap… India has to break out of poverty and the middle-income trap,” he said. While addressing the chief ministers of all states at the NITI Aayog Governing Council in May 2023, Prime Minister Narendra Modi asked all state chief ministers to strive to make our country a Vikshit Bharat by 2047.

The process was initiated by the Cabinet Secretariat in December 2021, with 10 Sectoral Secretarial Groups (SGoS) tasked with preparing thematic/sectoral visions. Multiple brainstorming and vision consultations were held with industry chambers, export promotion councils, think tanks, and research institutes.

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NITI Aayog was tasked with integrating 10 sectoral thematic visions into an integrated vision of Vikshit Bharat @2047 in 2023. “Consultations with SGoS and thought leaders, including Adani Group chairman Gautam Adani, diversified company Reliance Industries chairman Mukesh Ambani, and Google and Alphabet CEO Sundar Pichai, will take place in November 2023. ” Subrahmanyam said.

He said the vision document will also identify areas and technologies where India can become a world leader/world champion. Subrahmanyam added that he would suggest ways to take advantage of India's market size and regional disparities.

Meanwhile, NITI Aayog CEO said that each state is also preparing a vision document. According to the World Bank, the world's middle-income countries (MICs) are a diverse group in size, population, and income levels.

Economies with per capita GNI (gross national income) between $1,036 and $4,045 are defined as lower middle income countries, and economies with per capita GNI (gross national income) between $4,046 and $12,535 are defined as upper middle income countries. Defined as an income country. Middle-income countries are home to 75 percent of the world's population and 62 percent of the world's poor. They also account for approximately one-third of global GDP and are a major driver of global growth.

Countries are defined as high-income economies if their annual per capita income exceeds US$12,000.

With PTI input