Narendra Modi Sets Goal for Developed India by 2047

Narendra Modi has established a goal for India to achieve developed-nation status by 2047, the centenary of its independence, under a vision branded Viksit Bharat. While the Indian economy likely grew by 7.3% last quarter, experts suggest this pace falls short of the requirements for high-income status.

Ashok Kumar Lahiri of NITI Aayog calculated that India requires an annual growth rate of 9.25% for the next 21 years to meet the target. This trajectory would necessitate a sixfold increase in per-capita income to approximately $18,000.

Structural challenges hinder this ambition, including a stagnant manufacturing sector that remains at 16%-17% of GDP, well below the 25% target. Additionally, youth unemployment remains a critical issue, with nearly 87 million people aged 15 to 29 neither working nor in education.

To accelerate economic momentum, the government is seeking fresh capital from investors in the United States, Canada, and Japan. These efforts are paired with initiatives to boost private investment and increase high-tech exports.