India today celebrating its 78th Independence day, Prime Minister Narendra Modi given long time speech in New Delhi at LAL KILA (an Indian heritage place) after hosting a tri colour Indian flag. He also maintain about Viksit Bharat 2047 vision, i.e, developed India till 2047. Question arises as can India achieve that dream where GDP per capita income is just $2,731 (IMF Source) and poor people have no proper food, home and income source.
What is Modi’s dream of Viksit Bharat at 2047?
“Vikist Bharat 2047” is a mission or dream of Modi’s India to country as totally developed nation till 2047. India had gained its independence from British on 15th August 1947 and achieving 100 years of independence Modi wants to see India as developed nation.
Vikist Bharat project is currently view by NITI Aayog and its aims to make India a global leader in Manufacturing, Innovation & Technology and improving quality of life of Indian people by reforms in various sector.
The objectives of Modi’s developed nation is to make India as a manufacture hub and achieving a USD 30 trillion economy with per capita income of USD 18,000-20,000. Dreams also include a building world-class infrastructure and becoming self-reliant in defence and space sectors with promoting export of military equipment to other friendly nation.
Current status of India as developing nation
India with the highest and world most populated country around 1.45 billion people living in this country can achieve into fulfilling a dream of his/her life. Currently India is 5th largest economy in the world with GDP of USD 3.7 trillion and it rank 3rd in purchasing Power parity. By 2022, India already become the larger economy than GDP of UK & France.
Besides this India has also some critical problem like Job opportunities for working youth, provide pension to elderly people and lots of funding need to fulfilling dream of Indian people. India has recently lift of million people from poverty but due of covid-19 crisis, many people again go back to poverty. Can India still solve the poverty problem and provide basic needs to needy People, we have to seen in forthcoming how Modi government deal with it.
Challenge and Future growth of Indian economy
Today, 15th August Prime Minister said that “This is golden era for India as many foreign investors are looking toward us and our country’s growth linked to world growth as India will grow then world will grow”. This is true that Indian economy is booming and its growth rate is excellent than any other developing nation, India has currently 7% growth rate which is highest in the world. Modi always said in speech that India’s future is bright and many economist are suggesting that India will grow on a average of 7% regularly till 4 or 5 years. Here is the some future opportunities can India achieve as well some challenge which is given in the list below.
Challenges
- Poor Infrastructure need to accelerate
- Ageing Population problems need to addressed on focusing and improving health infrastructure in India
- Maintaining higher GDP growth rate nearly by 8 to 9% even 10% for becoming developed nation till 2047.
- Need to address challenge from its rival country like China and Pakistan
- Maintaining good relation with all neighbors and western countries
Future Prospecting of Indian economy
- Future is bright as some expert are saying that India’s GDP is expected to overtake Japan and Germany soon nearby 2030 and making it 3rd economy of world after USA and China.
- India may use of demographic dividend to achieving dream of becoming developed nation till 2047
- It has vast consumer market and accelerated digital economy may boost it rapidly
- Great space power as it already reach on Moon & Mars
- Investing in sustainable focused things like renewable energy and green infrastructure can accelerated its economy.