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Wednesday, July 17, 2024

NITI Aayog CEO: A $30 trillion vision plan is being produced for India’s developed economy by 2047

<p>CEO of NITI Aayog BVR Subrahmanyam said on Sunday that a vision paper outlining India’s path to a mature economy valued at around $30 trillion by 2047 is being drafted.<img decoding=”async” class=”alignnone wp-image-257792″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-niti-aayog-ceo-a-30-trillion-vision-plan-is-being-produced-for-indias-developed-ec.jpg” alt=”theindiaprint.com niti aayog ceo a 30 trillion vision plan is being produced for indias developed ec” width=”945″ height=”562″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-niti-aayog-ceo-a-30-trillion-vision-plan-is-being-produced-for-indias-developed-ec.jpg 291w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-niti-aayog-ceo-a-30-trillion-vision-plan-is-being-produced-for-indias-developed-ec-150×89.jpg 150w” sizes=”(max-width: 945px) 100vw, 945px” title=”NITI Aayog CEO: A $30 trillion vision plan is being produced for India's developed economy by 2047 3″></p>
<p>The institutional and structural reforms and adjustments that must be implemented in order for the nation to reach developed status by 2047 will be described in the vision document.</p>
<p>According to him, the draft Vision India @2047 would be completed by December 2023 and presented to the nation within the following three months.</p>
<p>“A vision plan is being designed for India to reach the $30 trillion ($29.2 trillion) mark in developed economy status by 2047. He told reporters here that the vision document’s main goal is to avoid falling into the middle-income trap.</p>
<p>The Asian Development Bank (ADB) defines the middle-income trap as the state in which a middle-income nation is unable to compete on a global scale in higher value-added activities due to relatively low productivity, but is also unable to compete in standardized, labor-intensive goods due to relatively high wages.</p>
<p>“We are concerned about the trap of middle income… India has to break free from the middle-class entrapment and poverty issue, he said.</p>
<p>Prime Minister Narendra Modi challenged all Chief Ministers to strive toward establishing Vikshit Bharat by 2047 during his speech to the Chief Ministers of all states at the NITI Aayog Governing Council meeting in May 2023.</p>
<p>In December 2021, the Cabinet Secretary initiated the process, assigning 10 Sectoral Groups of Secretaries (SGoSs) the responsibility of formulating sectoral and theme visions.</p>
<p>There were several iterations of brainstorming sessions and visioning meetings involving academic institutions, industrial chambers, think tanks, and the council for export promotion.</p>
<p>The responsibility of combining the ten sectoral theme visions into a one vision for Vikshit Bharat @2047 was given to NITI Aayog in 2023.</p>
<p>“November 2023 will see consultations with SGOSs and thought leaders, such as Sundar Pichai, CEO of Google and Alphabet, Mukesh Ambani, chairman of the diversified Reliance Industries, and Gautam Adani, the chairman of Adani Group,” Subrahmanyam said.</p>
<p>He claims that the vision document would also include industries and technological advancements in which India can lead the globe or emerge as a global champion.</p>
<p>It would recommend ways to take advantage of India’s enormous market and its regional differences, Subrahmanyam said.</p>
<p>States, according to the CEO of NITI Aayog, are also working on their vision papers.</p>
<p>The size, population, and income level of the middle-income nations (MICs) throughout the globe vary widely, according to the globe Bank.</p>
<p>Lower middle-income countries are those with a gross national income (GNI) per capita of $1,036 to $4,045, while higher middle-income economies are those with a GNI per capita of $4,046 to $12,535.</p>
<p>Sixty-two percent of the world’s impoverished people live in middle-income nations, which make up 75% of the global population. They are also important drivers of global growth, accounting for almost one-third of the world’s GDP.</p>
<p>High-income economies are those in which the yearly per capita income exceeds $12,000.</p>
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