NITI Aayog vision paper for $30 trillion economy soon

New Delhi, October 29

The NITI Aayog is preparing a vision document for India to become a developed economy of about $30 trillion by 2047, said the Central Government’s think-tank CEO BVR Subrahmanyam on Sunday.

‘Vision India @2047’

• The draft “Vision India @2047” will be ready by December this year and publicly unveiled in the next three months
• The PMO had initiated the preparation of the vision document in 2021 with the formation of 10 sectoral groups of secretaries

The draft “Vision India @2047” will be ready by December this year and publicly unveiled in the next three months, he said. “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.

The PMO had initiated the preparation of this vision document in 2021 with the formation of 10 sectoral groups of secretaries. In 2023, the NITI Aayog was asked to consolidate the 10 sectoral thematic visions into a combined vision. In 2019, PM Narendra Modi had forecast that India would become a $5 trillion economy by 2024-25. However, with a declining growth rate, it is expected to reach only $4 trillion by 2024-25.

Perhaps conscious of this slippage, Subrahmanyam said the vision document would outline the required institutional and structural changes and reforms to become a developed nation by 2047. “The whole purpose of the vision document is to avoid the middle-income trap,” he told the media. The middle-income trap is 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. It also cannot compete in higher value-added activities because productivity is relatively lower. Subrahmanyam did not mention the growth rate required to become a $10 trillion economy by 2047. Speaking last month, Union Minister Hardeep Puri had forecast that the Indian economy would touch $10 trillion by 2030. Economists had then calculated that it would require India to grow at 9 per cent for the remaining period.