As the sun rose on India's 75th Independence Day in August 2022, Prime Minister Narendra Modi stood before the nation with a bold vision: By 2047, India will be a developed country. Not just that, he called on the nation to \"dominate the world.\" 🌍
At first, it seemed like another ambitious dream woven into annual celebrations. But fast forward a year, and the phrase \"Viksit Bharat 2047\" (Developed India 2047) is echoing across the country. It's become the cornerstone of Modi's economic vision as he seeks a third term in the national general election that began on April 19 and runs through June 1. 🗳️
Bloomberg reports that this mantra has popped up in at least 23 of Modi's 29 official speeches since March. Clearly, this isn't just election talk—it's a roadmap for the future. But can India really cross the finish line by 2047? 🏁
Experts believe in India's potential. With a massive population and impressive economic strides since Modi took office in 2014, the possibilities are endless. But let's keep it real—there are hurdles. 🏔️
Challenges like outdated infrastructure, inconsistent education systems, and a shortage of skilled workers are pressing. Plus, age-old issues like bureaucratic red tape, the grip of caste systems, protectionism favoring local magnates, and some of the world's highest import tariffs are holding India back. 🛑
According to Oxford Economics, India needs to crank up its GDP growth to at least 8% annually from 2023 onwards to hit that developed status by 2047. But here's the tea: India has never hit that mark before. In 2023, the GDP grew by 7.7%, up from 6.5% in 2022. 📈
Liu Xiaoxue, deputy director of the Center for South Asian Studies at the Chinese Academy of Social Sciences (CASS), shared some candid thoughts with CGTN. \"India is indeed the fastest-growing country in terms of GDP in recent years. But by 2047, Modi will be nearly 100 years old. His pledge is purely campaign advertising as the election comes near,\" Liu remarked. She added that at its current growth rate, India might need another 80 to 90 years to catch up with China. 🤔
Liu pointed out that despite rapid growth, India's economy hasn't created enough jobs for its booming youth population. \"How to develop labor-intensive industries like manufacturing and how to create more job opportunities are critical for India,\" she emphasized. 👷♂️👩🏭
Consider this: Agriculture employs 45% of India's workforce but lags behind services and manufacturing in GDP contribution. The service sector fuels economic growth but doesn't generate enough jobs, especially for those without higher education. Manufacturing could be the key, but it needs time and investment to make a significant impact. 🏭
Despite efforts to boost manufacturing, it accounted for just 15.8% of India's GDP in 2023. Clearly, there's room to grow. 🌱
So, can India turn this ambitious vision into reality by 2047? The countdown is on, and the world is watching. One thing's for sure: The journey will be as important as the destination. Buckle up, India! 🇮🇳✨
Reference(s):
cgtn.com
