Economy News

Modi to seek Centre-state ties for $30 trillion economy by 2047

The Council aims to create a roadmap for this vision, fostering teamwork between the Centre and the states as ‘Team India’.

Prime Minister Narendra Modi will chair NITI Aayog’s ninth Governing Council meeting on Saturday to prepare a road map in consultation with state governments to make India a developed nation with a $30 trillion economy by 2047.

Amid boycott by most chief ministers of the non-National Democratic Alliance (ruling NDA at Centre) states, the Council will discuss the Approach Paper for the Vision Document on ‘Viksit Bharat @2047’. 

“The meeting aims to foster participative governance and collaboration between the Centre and State Governments, enhancing the quality of life for both rural and urban populations by strengthening the delivery mechanisms of government interventions. The meeting will also see detailed deliberations on the role of states in achieving the goal of Viksit Bharat @2047,” the government said in a statement.

India is on track to become the world’s third-largest economy with GDP crossing $5 trillion (in next few years) and aspirations to reach a $30 trillion economy by 2047, it said. India’s economy is now close to $4 trillion.

The Council aims to create a roadmap for this vision, fostering teamwork between the Centre and the states as ‘Team India’.

The Council will also focus on the recommendations of the third National Conference of Chief Secretaries held on December 27-29, 2023. These ease of living recommendations include access, quantity, and quality of drinking water; quality, efficiency and reliability of electricity;  accessibility, affordability and quality of care of health; access and quality of schooling; accessibility, digitization, registration and mutation of land and property.

Additionally, special sessions were also held to deliberate on cyber security, the aspirational districts and blocks programme, the role of states, and AI in governance.

The Vision document would talk about where India would be in 2047 in various socio-economic indicators, what sectors/technologies India should be leading in, what areas India would have global champions and other institutional capabilities.

India’s growth is closely interlinked with the growth of states. This would be the guiding spirit of India’s inclusive and sustainable vision for the next quarter century. 

The vision document has been prepared in about 30 months after Modi envisaged it in December 2021. Ten sectoral groups of secretaries (SGoSs), which were tasked to prepare sectoral visions. Niti Aayog was tasked to merge these into a consolidated vision document after consultation with SGoSs and thought leaders including industry captains.

The ten SGoS were on rural & agriculture, infrastructure, resources, social vision, welfare, finance & economy, commerce & industry, technology, governance, and security & foreign affairs.

The Finance Ministry has prepared a template of where the economy will be over the next 25 years. It is roughly talking about a population of around 1.5 billion and per capita income between $18,000 to $20,000 by 2047.

Source:financialexpress.com

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