INDIA EYE’S DEVELOPED ECONOMY STATUS BY 2047

sree nivas May 25, 2023 GS3, Indian Economy Leave a comment 146 Views

PM, CMs to draw up plans for developed economy status for India.
India, which is the world’s sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing nation.
With eye on achieving developed country status by 2047, Central government will seek suggestions from states to stitch together a 25-year blueprint for growth.
Government plans to focus on seven to eight specific areas that are vital to economy and human development.
Government seeks ways to strengthen small businesses that are a major job creator and the back bone of manufacturing and exports.
Agro and food processing sectors will get special attention. The second area of focus is capital expenditure.
The effort is to identify the capital expenditure requirement needed to achieve the annual economic growth targets over the medium term so that the developed economy status can be achieved.
Cutting down red tape and improving ease of doing business by reducing compliances is also a focus area which will figure prominently in the blueprint.
To become a developed economy the Women work participation should cross 40 percent which is currently at 26%.
According to experts the that scaling up per capita income to that of a high income
economy in 25 years is very much achievable.
A real GDP growth of 6-6.5% over a long period of time will take India to developed country status which is defined as $13,000 per capita income.
At present, India’s per capita income is over $2300, going by Rs. 272 trillion nominal GDP in FY23, a population of 14 billion people and an exchange rate of Rs. 82.83 to the dollar.