India needs to achieve an average nominal GDP growth rate of 10% annually to realize its ambitious "Viksit Bharat" vision by 2047. This was emphasized by Confederation of Indian Industry (CII) President Rajiv Memani. The "Viksit Bharat" (Developed India) initiative is the government's plan to transform India into a developed nation by its 100th year of independence in 2047. This encompasses economic prosperity, social advancement, environmental sustainability, and effective governance.
Nominal GDP, unlike real GDP, reflects the total value of goods and services produced in a country using current market prices without adjusting for inflation. Achieving a 10% nominal GDP growth is seen as crucial for attaining the goals set under the Viksit Bharat@2047 vision. These goals include unprecedented economic development, improved infrastructure, farmer welfare, quality education and healthcare, and environmental sustainability.
Memani also highlighted the significance of the interim trade pact with the United States, which is expected to be finalized soon. He believes this agreement will eliminate uncertainty and provide Indian firms with access to a larger market, particularly benefiting labor-intensive sectors. The trade pact is also expected to facilitate technology transfers, joint ventures, and partnerships between the two countries.
The Viksit Bharat vision rests on four pillars: Yuva (Youth), Garib (Poor), Mahilayen (Women), and Annadata (Farmers). It aims for all-round development by empowering and improving the capabilities of people. The government is encouraging the youth to actively participate and contribute innovative ideas to achieve this goal.
Several objectives have been outlined to achieve the Viksit Bharat 2047 vision, including: * Economic Development: Making India one of the strongest and richest countries in the world. * Infrastructure Development: Building better roads, bridges, clean cities, and smart villages. * Farmer Welfare: Increasing farmers' income, improving their lifestyle, and promoting sustainable agriculture. * Education and Healthcare: Ensuring access to quality education and healthcare for all. * Environmental Sustainability: Promoting the use of solar energy, saving forests, and reducing pollution. * Women's Empowerment: Increasing the inclusivity of women in every sector by providing them equal rights and opportunities.
To achieve these goals, students can contribute through innovation and research, entrepreneurship, and community education. Aligning curriculum with the goals of Viksit Bharat 2047, prioritizing research towards societal challenges, and fostering industry collaboration are also crucial steps.
India's economy is projected to grow at 6.4-6.7% in the current financial year, driven by strong domestic demand. Factors such as a good monsoon forecast, enhanced liquidity, and interest rate reduction are expected to support economic growth.
