India’s Big Plan: Becoming a USD 30 Trillion Economy by 2047
India aims to become a USD 30 trillion economy by 2047 with a per capita income of USD 18,000, according to NITI Aayog’s ‘Vision for Viksit Bharat @2047’. The plan, discussed in a meeting chaired by Prime Minister Narendra Modi, focuses on avoiding the middle-income trap and achieving sustained growth.
Key Goals
Key goals include raising life expectancy to 84 years, achieving universal literacy, and increasing female labor participation to over 70%. The vision also aims for a 55% reduction in carbon emission intensity from 2005 levels and a median population age of 37 years by 2047.
Cooperative Federalism
The vision emphasizes the importance of cooperative federalism, with both the Centre and States working together to achieve these goals. It calls for innovative actions and a sense of purpose to transform India into a developed nation.
Conclusion
India’s transformation will require tremendous dedication and belief in its potential. The approach paper outlines the need for strategic planning and implementation of policies to realize the vision of a Viksit Bharat by 2047.
Doubts Revealed
USD 30 trillion economy -: This means that the total value of all goods and services produced in India in a year will be worth 30 trillion US dollars. It’s a way to measure how big and strong a country’s economy is.
2047 -: This is the year when India aims to achieve its goal of becoming a USD 30 trillion economy. It is also the 100th anniversary of India’s independence from British rule.
per capita income -: This is the average amount of money earned by each person in a country in a year. For India, the goal is to have each person earn an average of USD 18,000 by 2047.
NITI Aayog -: NITI Aayog is a government organization in India that helps plan and suggest policies for the country’s development. It stands for National Institution for Transforming India.
Vision for Viksit Bharat @2047 -: This is a plan created by NITI Aayog that outlines how India can become a developed country by the year 2047. ‘Viksit Bharat’ means ‘Developed India’ in Hindi.
Prime Minister Narendra Modi -: He is the current leader of India. The Prime Minister is like the head of the government and makes important decisions for the country.
middle-income trap -: This is a situation where a country gets stuck at a certain level of income and can’t grow any richer. India wants to avoid this and keep growing its economy.
life expectancy -: This is the average number of years a person is expected to live. India wants to increase this number, meaning people will live longer, healthier lives.
universal literacy -: This means that everyone in the country can read and write. India aims to make sure all its people are educated.
female labor participation -: This means the number of women who are working or looking for work. India wants more women to be part of the workforce.
cooperative federalism -: This is when the central government and state governments work together to make the country better. It means cooperation and teamwork between different levels of government.