Why is it in the news?

• The Government is preparing to release the plan, named ‘Vision India@2047’, which has been under development for two years.

More about the news

About

• The plan targets reforms for 2030 and aims for a $30 trillion economy by 2047 with a per-capita income of $18,000-20,000.
• The plan addresses regional economic development differences and government process reforms.
• The vision aims to avoid the middle-income trap, as exemplified by countries like Argentina.

Achievements

• India has overcome basic issues like roads, electricity, and water.
• India’s global GDP share has gone from 1.1% in 1991 to 3.5% in 2023.

Challenges

• There are concerns about regional disparities in growth, with the East and North lagging.
• The plan seeks to promote Indian companies to dominate on the global stage.
• India is the world’s largest IT exporter, but its role as a software developer is in question.
• A focus is on developing skills for India’s youth, like nursing, but ensuring global standards and acceptance.