Here’s How Our India Can Become a Developed Nation by 2047

• India is working on the goal of becominCan India Become a Developed Nation by 2047? Here’s howg a developed nation by 2047, marking 100 years of Independence. 
• Former RBI Governor, Raghuram Rajan says a consistent growth rate of 7.6% to 7.7% will be required. 

India will celebrate its 100th anniversary in 2047. However, as a developing country, India cannot claim to be a developed country by then. Although India is still considered a developing country, it is one of the fastest growing economies in the world and currently ranks 5th largest in the world. India’s nominal GDP is estimated to be Rs 296,58 lakh crore with a growth rate of approximately 7.2%. India is on its way to becoming a Developed nation by 2047.

Former Governor of the Reserve Bank of India, Duvvuri Subba Rao, asserted that India needs to grow fast as we are a large economy, but a relatively poor society. India has to grow at 7.7% for the next 23-24 years to become a developed nation by 2047.

Short Story of India’s Economic Growth

Our economy was almost in ruins when India became an independent nation on August 15, 1947. Efforts made From 1947 to 1991, governments focused on self-sufficiency through import substitution and state-controlled industries. The growth rate was at an average of 4%, and poverty and unemployment remained pressing concerns. 

In 1991 came the era of liberalization and economic reforms, making way for deregulation, privatization, and increased foreign investment. During this time, sectors like the IT & Finance industry boomed, and the annual growth rate slowly but steadily increased to 7%. Experts say that even if we are the fastest-growing economy, we must grow faster to become a developed nation by 2047. 

To become a developed nation, India not only needs stable internal economic growth but also would require a stable geopolitical environment. Considering India’s economic performance over the last 25 years compared to the rest of the world, India has had a relatively stable growth rate. But the Russia-Ukraine war, Israel-Palestine unrest and other scenarios might have some impact. 

The Required Growth Rate: 7.7% for the next 23-24 Years

Every nation in the world applauds the kind of growth India has showcased in recent years. However, the overall global geopolitical situation could be in better shape and pose significant challenges to the growth rate. The Reserve Bank of India expects the growth rate to be around 7% in 2024, but if we are to become a developed nation by 2047, we have to grow faster. 

India is a relatively low-income economy, and a faster growth rate is required to become a developed nation, said D. Subba Rao. However, the current growth rate is better than most other countries, but it has to increase. He believes that a stable geopolitical scenario would play a significant role in India’s growth faster. 

Prime Minister Narendra Modi said India could soon become the third largest economy by overtaking Germany and Japan in the next five years at the Vibrant Gujarat Summit. Plus, he voiced India’s mission to become a developed nation by 2047, when we will complete 100 years as an independent country. 

It’s still 24 years from 2047, and if we are to become a developed nation by then, we must maintain a growth rate of 7.6% to 7.7%. However, records suggest India never clocked a growth rate of over 7.5% for the three consecutive years. Maintaining the required growth rate will be a daunting task. 

How can India Maintain the Required Growth Rate?

Even if India maintains a growth rate of 7.6% to 7.7%, and  the population does not widely share the benefits of the growth, it would give rise to inequalities. The World Inequality Report says that India is one of the most unequal societies in the world. Moreover, data suggests that this inequality is morally wrong and politically incorrect. 

Besides maintaining the growth rate, India must also concentrate on the bottom segment. If uplifted, they would consume more, demand more and produce more, generating more jobs and further fueling the growth rate. Also, the current unemployment rate is around 8% to 10%, a burning issue that must be promptly dealt with. 

The Required Economic Growth

Aiming at a consistent GDP for a prolonged period can be fueled by strong manufacturing and investment in infrastructure. Substantial investment in education and training could create a skilled workforce equipped for modern needs. Data suggest that only about 2% to 3% of our workforce is skilled, and India is not only fighting unemployment but also underemployment. 

India is swiftly becoming startup capital, and fostering a culture of entrepreneurship and innovation could be beneficial. Encouraging startups for job creation and attracting foreign investment could be deciding factors. The government should also ensure economic prosperity reaches every segment of society and tackle poverty and inequality through fair resource allocation. India should focus on inclusive growth. 

The Required Social Development

One of the youngest countries in the world is India, which means that we have a significant human resource waiting to be utilized. We must take initiatives to improve healthcare, sanitation, and nutrition. to increase life expectancy and quality of life. Also, every individual must get access to quality education. These measures would boost human capital development. 

By bridging the gender gap in education, employment and political participation, India can boost inclusive economic growth. Empowering women can be a vital step for overall societal progress. Measures must be taken to combat discrimination and promote social harmony across ethnic, religious and caste lines. This could ensure a strong sense of national unity, which is very important. 

Governments and citizens must take substantial steps to prioritize environmental protection and resource management to achieve the required growth rate. Active investment in renewable energy, sustainable agriculture and climate-resilient infrastructure is highly encouraged. India will have to maintain a balance between economic growth and environmental stability.

Now, if India is to become a developed nation by the 100th year of its independence, 2047, it has to maintain a growth rate of 7.6% to 7.7% for the next 24 years. Maintaining a consistent growth rate might be difficult, considering the current geopolitical situation and internal challenges the nation is facing, and it will take a lot of work.