The 2047 Dream- Developed country? Provided India undertakes a tough but doable set of internal reforms

Source: The post is based on the article “The 2047 Dream- Developed country? Provided India undertakes a tough but doable set of internal reforms” published in “Times of India” on 16th August 2023.

Syllabus: GS2- Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources. & GS3- growth, development and employment; Inclusive growth

News: In this article author discusses India’s potential to become a developed nation by 2047. For this, he emphasizes the need for economic reforms, better opportunities for the young population, increased women’s workforce participation, improved global trade, and enhancing the overall quality of life.

What are the potential factors that could help India become a developed nation by 2047?

Young Population: India has the world’s largest population below 30, providing a large workforce.

Educated Women: More girls than boys are studying in STEM fields.

Global South Voice: India’s position allows it to represent developing nations after the pandemic.

Global Influence: As G20 president, India addressed issues like the Global South’s debt crisis.

What does India need to become a developed nation by 2047?

Reevaluate Economic Classifications: India is currently a lower middle-income country as per World Bank. Relying solely on per capita gross national income might be misleading; Bermuda ranks higher than the U.S.

Address Underemployment: There’s a slow transition of youth from farms to industries. Focusing on productive sectors can create more opportunities for the young population.

Boost Women’s Workforce Participation: Women’s participation rate was only 24% in 2022, compared to the global average of 47%. Improved public safety and transport can enable more women to work.

Redefine Trade Policy: India is 18th in global merchandise export rankings. A shift from protectionist policies can promote cross-border trade.

Implement Internal Reforms: Embrace reforms to unshackle the economy’s potential. Improve human capital quality to support growth.