BVR Subrahmanyam, CEO of the Central Government's think-tank, announced on 29 October that the NITI Aayog is in the process of developing a "Vision India @2047" document with the goal of making India a developed economy worth approximately $30 trillion by 2047.
The draft of the document is expected to be completed by December of this year and unveiled to the public within the next three months.
He said that the draft “Vision India @2047” will be ready by December this year and publicly unveiled in the next three months. “Consultations with sectoral groups of secretaries and thought leaders, including industrialists Gautam Adani, Mukesh Ambani and Google CEO Sundar Pichai, will take place in November,” Subrahmanyam said.
In 2021, the PMO initiated the preparation of the "Vision India @2047" document with the formation of 10 sectoral groups of secretaries. The NITI Aayog was then asked to consolidate the 10 sectoral thematic visions into a combined vision in 2023.
In 2019, PM Narendra Modi had estimated that India would become a $5 trillion economy by 2024-25. However, as the growth rate declined, it is now expected to reach only $4 trillion by 2024-25.
Subrahmanyam acknowledged this slippage and stated that the vision document would outline the institutional and structural changes and reforms required to make India a developed nation by 2047, while avoiding the middle-income trap.
The middle-income trap refers to a situation where a country reaches a stage of development where it can no longer compete internationally in labour-intensive areas because wages are relatively higher, and it also cannot compete in higher value-added activities because productivity is relatively lower.
While Subrahmanyam did not mention the growth rate required to make India a $10 trillion economy by 2047, Union Minister Hardeep Puri had recently predicted that the Indian economy would touch $10 trillion by 2030, which would require India to grow at 9 per cent for the remaining period.