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UPSC MainsGeneral Studies Paper IIIIndian EconomyPractice question

India as Viksit Bharat by 2047

Could India become a Viksit Bharat by 2047?

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Introduce the vision of Viksit Bharat @ 2047 with key economic targets. Highlight growth catalysts and enablers driving this trajectory, followed by critical structural bottlenecks and climate vulnerabilities. Conclude with necessary institutional reforms and a balanced growth framework.

Model answer

373 words

Introduction

The vision for Viksit Bharat @ 2047 envisages transforming India into a fully developed nation by its centenary of independence, targeting an economy of around $30 trillion and a per capita income near $18,000. Achieving this ambitious goal requires sustaining an annual real GDP growth rate of 7-8% over the next two decades while navigating structural socioeconomic and ecological transitions.

Growth Catalysts and Enablers

  • Digital Public Infrastructure (DPI): Open platforms such as IndiaStack and the Open Network for Digital Commerce (ONDC) are driving formalisation and productivity. The Unified Payments Interface (UPI) processing over 14 billion transactions monthly exemplifies deep financial inclusion and reduced transaction costs.
  • Physical Infrastructure and Logistics: Integrated planning frameworks like PM Gati Shakti and the National Logistics Policy aim to compress logistics costs from ~14% to below 8% of GDP by 2030, substantially bolstering manufacturing and export competitiveness.
  • Clean Energy Leadership: Ambitious targets, including 500 GW of non-fossil fuel capacity by 2030 and incentives under the National Green Hydrogen Mission, ensure economic expansion decouples from carbon intensity.

Structural Bottlenecks and Climate Vulnerabilities

  • Sectoral Imbalances: Around 42% of the workforce remains engaged in low-productivity agriculture, while manufacturing's share of GDP has hovered around 15-17%, well below the 25% target required to absorb surplus agrarian labour.
  • Human Capital Deficits: Persistent skill mismatches, education-quality gaps, and historically low Female Labour Force Participation (FLFP) hinder the optimal realisation of India's demographic dividend.
  • Climate Risks: As highlighted in the Reserve Bank of India's Report on Currency and Finance, unchecked climate change and heat stress could shave up to 4.5% off national GDP and put 34 million jobs at risk by 2030.

Institutional Frameworks Needed (Way Forward)

  • Labour and Industrial Reforms: Expeditious implementation of the four Labour Codes across all states to formalise employment and encourage scale in manufacturing.
  • R&D and Innovation: Effective operationalisation of the Anusandhan National Research Foundation (ANRF) to scale gross expenditure on R&D from ~0.64% towards 2% of GDP.
  • Cooperative Federalism: Synergising state-level industrial and investment strategies through NITI Aayog's State Master Plans to avoid uneven regional development.

Conclusion

Realising a Viksit Bharat cannot rely solely on capital-intensive physical infrastructure. It necessitates a human-capital-centric growth model that reconciles rapid industrialisation with climate resilience, ensuring India bypasses the middle-income trap and delivers inclusive prosperity.

Key facts to remember

definition
Viksit Bharat @ 2047

A comprehensive national development agenda aimed at elevating India to high-income developed country status by its centenary of independence, requiring an estimated $30 trillion GDP.

statistic

Climate change and projected heat stress could cost India up to 4.5% of its GDP and put 34 million jobs at risk by 2030.

— RBI Report on Currency and Finance
scheme
National Logistics Policy

An initiative launched to create an integrated, cost-efficient logistics network, with the target of reducing logistics costs in India from ~14% to under 8% of GDP by 2030.

scheme
Anusandhan National Research Foundation (ANRF)

A statutory body established to seed, grow, and promote research, innovation, and entrepreneurship across India, aiming to raise national R&D expenditure towards 2% of GDP.

Frequently asked questions

What economic growth rate is required for India to become developed by 2047?

India must sustain a real GDP growth rate of approximately 7% to 8% annually over the next two decades to attain a high-income status per capita income of approximately $18,000.

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