{"id":267106,"date":"2023-10-31T19:58:17","date_gmt":"2023-10-31T14:28:17","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=267106"},"modified":"2023-11-03T22:07:13","modified_gmt":"2023-11-03T16:37:13","slug":"on-niti-aayogs-vision-2047-india-in-2047","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/on-niti-aayogs-vision-2047-india-in-2047\/","title":{"rendered":"On NITI Aayog’s Vision @2047 – India in 2047"},"content":{"rendered":"\n

Source:<\/strong> The post On NITI Aayog’s Vision @2047 <\/strong>is based on the article \u201cIndia in 2047- Policy adjustments can enable higher growth<\/strong>\u201d published in \u201cBusiness standard\u201d<\/strong> on 31st October 2023.<\/p>\n

UPSC Syllabus Topic:<\/strong> GS Paper 3 Indian economy \u2013 Issues relating to Growth and Development. <\/strong><\/p>\n

News:<\/strong> This article discusses the NITI Aayog’s goal for India’s economy to hit $30 trillion by 2047, requiring a 9% yearly growth. It also highlights the major challenges in achieving this target, and the importance of investing in education and renewable energy.<\/p>\n

What is India\u2019s vision@2047?<\/strong><\/h2>\n

India\u2019s Vision@2047:<\/p>\n

Amrit Kaal:<\/strong> Period between 75th and 100th independence anniversaries symbolizing transformative growth.<\/p>\n

Viksit Bharat@2047:<\/strong> Aim to become a developed nation by 2047 through a collective ‘Team India’ approach.<\/p>\n

Balanced Economic Growth:<\/strong> Focus on both macro-economic growth and micro-level welfare.<\/p>\n

Technological Advancements:<\/strong> Promote digital economy, fintech, and technology-enabled development.<\/p>\n

Environmental Commitment:<\/strong> Prioritize energy transition and proactive climate action.<\/p>\n

Investment Strategy:<\/strong> Public capital investment to stimulate private investments.<\/p>\n

Saptarishi Principles:<\/strong><\/p>\n

1) Ensure Inclusive Development.<\/p>\n

2) Benefit even the most remote areas.<\/p>\n

3) Develop infrastructure and encourage investment.<\/p>\n

4) Tap into national strengths.<\/p>\n

Advocate for sustainable, green growth.<\/p>\n

    \n
  1. Empower the youth.<\/li>\n
  2. Strengthen the financial sector.<\/li>\n<\/ol>\n

    What will NITI Aayog’s Vision @2047 document include? <\/strong><\/h2>\n

    Based on India\u2019s vision for 2047, Niti Aayog is preparing a document to ensure that India can achieve their goal within the given time.<\/p>\n

    Economic Target:<\/strong> Aim to become a $30 trillion economy by 2047 with a per capita income between $18,000-20,000.<\/p>\n

    Sectoral Focus:<\/strong> It includes 10 sectors like rural and agriculture, infrastructure, technology, and governance.<\/p>\n

    Structural Changes:<\/strong> Highlight reforms to achieve the economic target and address overlaps in roles of different ministries and departments.<\/p>\n

    Global Engagement:<\/strong> Details of India’s role in global trade, investment, technology, research, and development will be included.<\/p>\n

    Indian Companies:<\/strong> Identify potential Indian businesses that could become global leaders and strategize their growth ecosystem.<\/p>\n

    Human Capital:<\/strong> Insights on developing human resources and leveraging India’s market size.<\/p>\n

    Addressing Disparities:<\/strong> Strategies to address regional economic disparities.<\/p>\n

    Milestones:<\/strong> Provide a roadmap detailing India’s positions in 2030 and 2047.<\/p>\n

    Governance:<\/strong> Recommendations to modernize bureaucracy, emphasizing strategic ideation over traditional paperwork.<\/p>\n

    What challenges lie ahead in achieving a $30 trillion economy by 2047? <\/strong><\/h2>\n

    Global Economic Factors:<\/strong> Global growth is expected to remain below average. Additionally, some economists predict higher U.S. interest rates for longer durations due to structural factors.<\/p>\n

    Manufacturing Constraints:<\/strong> Despite numerous attempts, India hasn’t achieved the desired manufacturing output levels. This limitation affects quality job creation, essential for boosting consumption and sustaining growth.<\/p>\n

    Trade Hurdles:<\/strong> India’s trade strategy, characterized by higher tariffs with fiscal incentives for big producers, might be ineffective in the long run. There’s an anticipated trade deficit of over $3 trillion by 2047.<\/p>\n

    Infrastructure and Finance:<\/strong> The government’s increased post-pandemic capital expenditure is improving infrastructure but delaying fiscal consolidation. Such continuous high budget deficits and public debt could restrict government interventions.<\/p>\n

    What should be done?<\/strong><\/h2>\n

    Review Growth Strategy:<\/strong> Policymakers should conduct regular reviews and make necessary adjustments to achieve the 9% annual growth target.<\/p>\n

    Invest in Education and Health:<\/strong> Allocate more resources to education and health sectors. A skilled workforce is key for long-term growth.<\/p>\n

    Focus on Renewable Energy:<\/strong> Increase investments in renewable energy. This will reduce import dependence and make growth sustainable.<\/p>\n

    Monitor Fiscal Consolidation:<\/strong> While post-pandemic capital expenditure is crucial, there’s a need to balance it with fiscal consolidation to manage deficits and public debt.<\/p>\n

    Question for practice:<\/strong><\/p>\n

    Critically examine the feasibility of India’s Vision@2047 in light of global economic challenges, manufacturing constraints, and its current trade strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Source: The post On NITI Aayog’s Vision @2047 is based on the article \u201cIndia in 2047- Policy adjustments can enable higher growth\u201d published in \u201cBusiness standard\u201d on 31st October 2023. UPSC Syllabus Topic: GS Paper 3 Indian economy \u2013 Issues relating to Growth and Development. News: This article discusses the NITI Aayog’s goal for India’s… Continue reading On NITI Aayog’s Vision @2047 – India in 2047<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,216,8184],"class_list":["post-267106","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-3","tag-indian-economy","entry"],"jetpack_featured_media_url":"","views":{"total":38,"cached_at":"","cached_date":1698796114},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/267106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=267106"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/267106\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=267106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=267106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=267106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}