• 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.


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