India must target $10 trillion GDP to truly achieve Viksit Bharat 2047: Report
New Delhi/Jerusalem, Aug 16 (IANS) If India is to realise the vision of ‘Viksit Bharat 2047’ in its true sense, the country will need to significantly expand the size of its economy, with the Gross Domestic Product (GDP) required to reach at least $10 trillion, according to a recent report.
Former diplomat Mohan Kumar, in an opinion article published by The Jerusalem Post, said that while India can take pride in becoming the world’s fourth-largest economy by GDP, its current economic size remains insufficient when considered against the country’s enormous population.
“While India can be legitimately proud of being the fourth-largest economy in terms of Gross Domestic Product (GDP) in the world, the fact remains that for a population approaching 1.5 billion, the present GDP of $4.5 trillion is a little below par,” he wrote.
According to the piece, India can move towards the $10 trillion target by undertaking several key measures, including increasing the country’s share in global foreign trade, attracting greater Foreign Direct Investment (FDI), and implementing deep and structural economic reforms.
It, however, stressed that simply accelerating economic growth would not be sufficient to achieve the larger objective of Viksit Bharat. The benefits of growth would also need to reach wider sections of society, particularly people at the bottom of the economic pyramid.
“While there is no question that the GDP must accelerate, that alone is not enough. Growth must be inclusive; it must percolate to the downtrodden people at the bottom of the pyramid,” Mohan Kumar wrote.
He also highlighted the need to create an economic ecosystem in which India’s young population is encouraged to become entrepreneurs and job creators rather than remaining dependent solely on conventional employment opportunities.
Prime Minister Narendra Modi has, on several occasions, called youth entrepreneurship a core pillar for Viksit Bharat. Meanwhile, under the Modi government, the startup ecosystem has witnessed explosive growth with over 2.5 lakh registered startups and a Rs 1 lakh crore Innovation Fund to back young dreamers.
The report further underlined the importance of skilling and reskilling graduates to meet the demands of a rapidly changing economy. Areas such as Artificial Intelligence (AI), among other emerging technologies, need greater focus, particularly as the country’s education system continues to rely heavily on traditional and rote-learning methods.
Earlier, during the Independence Day address, Prime Minister Modi announced that the government will work to provide Artificial Intelligence (AI) skill training to one crore youth over the next year, enabling them to acquire the capabilities required to lead the world in the field of AI. Referring to India’s recent AI Summit, PM Modi announced a major initiative aimed at expanding AI skills among the country’s youth.
The report also pointed to the healthcare sector as another critical area requiring sustained attention. While acknowledging the Centre’s initiatives, including the Ayushman Bharat Yojana, Kumar said India would need to continue with large-scale transformation of its public health infrastructure.
According to the article, healthcare must become more affordable and accessible to the majority of India’s population if the country is to achieve inclusive development and improve the quality of life of its citizens.
Mohan Kumar further argued that achieving Viksit Bharat by 2047 would require the government to approach the objective with a clear sense of urgency and national purpose, involving coordinated efforts across different sectors.
“India is well positioned to become Viksit Bharat by 2047, but the country needs to be in mission mode, and a whole-of-government approach is required to make sure that no stone is left unturned in this national endeavour,” he underlined.
–IANS
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