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.