NITI Aayog Envisions India as $30 Trillion Economy by 2047
NITI Aayog outlines vision for India to become a $30 trillion economy with $18,000 per capita income by 2047, needing sustained 7-10% growth
New Delhi: India's policy think-tank NITI Aayog said that the country needs to strive to be a $30 trillion economy — almost nine times from today's $3.36 trillion, with a per capita income of $18,000 per annum by 2047, according to its approach paper for vision for Vikshit Bharat in 2047.
The paper also noted that 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 and very few countries have managed to do this.
“The gross domestic product or GDP would have to grow nine times from today’s $3.36 trillion and the per capita income would need to rise 8 times from today's $2,392 per annum,” the paper titled ‘Vision for Viksit Bharat @ 2047:An Approach Paper’ said.
“Defining the concept of Vikshit Bharat, the paper also said it is a Bharat which will have all the attributes of a developed country with a per capita income that is comparable to the high-income countries of the world today. It is a Bharat whose social, cultural, technological, and institutional features will mark it out as a developed nation with a rich heritage and one that is capable of functioning at the frontiers of knowledge.
The World Bank defines high-income countries as those whose annual per capita income is more than $14,005 (in 2023). “India has the potential and aims to be a high-income country by the centenary of its independence in 2047,” it said.
The paper said upgrading capabilities in manufacturing and logistics and bridging the gap between rural and urban incomes are some of the structural challenges that India needs to address. This document was discussed during NITI Aayog's ninth Governing Council meeting chaired by Prime Minister Narendra Modi.
It also noted the country needs to achieve a balance between energy, security, access, affordability and sustainability. “Improving the competitiveness of industry is equally necessary for the transformation of the country's agricultural workforce into an industrial workforce and making India a global manufacturing and service hub,” the document said.
Noting that a vision for India cannot be the work of a few individuals or of one government, the document said it has to be the result of the collective efforts of the entire nation. “India is at a turning point in its history and the 21st century can be India's century, as the country pole-vaults into the future confident of its capabilities,” it added.