During a foreign visit to Austria, our PM Narendra Modi again illustrated the vision of 2047 of India as a developed nation. It is not the first stance he is talking about making India the third largest economy of the world and a developed country by 2047. In last year’s independence speech, he gave the same statement. Who doesn’t want their country to grow, but the question comes: can India become a developed nation by 2047, and what exactly is a developed country we aim to become? Many of the economic experts have come up with their analysis and many of the reports have been published anticipating the much anticipated.
The report “India’s Turn to Lead by 2047” by Primus Partners indicates that 70% of experts are optimistic about India becoming a developed nation along with a global leader by 2047, Viksit Bharat and all other aims are synchronous to each other, 63% envision India excelling in international trade, technology, and the economy.
But the remaining thirty percent are not very sure, they consider India won’t be able to connect the urban center with the rural economy, and this gives us a solution to work upon. Interim budget of 2024-25 has also focused on connectivity. But that only can’t solve the issue, the major glaring issue is skill and unemployment. India being the most populous is dealing with huge unemployment and its ratio is increasing. The other issues are the standard of life and human development index, all these issues also need to be worked upon with planning. Only then we can reach to level we are aiming for.
A developed country is a country which has a mature and stable economy. They may not have a very high growth rate now but in the past, they had rapid growth. These economies are advanced in technology and diverse industries. Their citizens have more quality of life. Several factors are there to consider whether a country is developed or not. The economic factors are per capita income, industrial level, the general standard of living, and technological development.
There are non-economic factors also like the Human Development Index, which calculates levels of education, health, and literacy in that particular country. Even a country might have high per capita income but it cannot be considered a developed nation because of the huge disparity present in people’s income. The best example of this is Qatar which has the highest per capita income in the world still not under developed country due to vast income inequality and a lack of educational opportunities.
As per the World Bank, India’s per capita income is $2,400 whereas in the USA and China, it is $76,400 and $12,700, respectively. We can very clearly see the gap we need to work on and fill. For India to become a global leader by 2047, instead of having a unidirectional approach holistic approach should be given priority. Every field needs to be worked upon so that we can give ourselves a developed nation.
