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- 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.
SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB
