NITI Aayog Charts Vision for India to Become USD 30 Trillion Economy by 2047

NITI Aayog's 'Vision for Viksit Bharat @2047' approach paper outlines India's ambitious goals to achieve a USD 30 trillion economy with a per capita income of USD 18,000 by 2047. The focus is on avoiding the middle-income trap, boosting key economic and social metrics, and fostering cooperative federalism.

India aims to transform into a USD 30 trillion economy by 2047, with a per capita income of USD 18,000 per annum, according to NITI Aayog's 'Vision for Viksit Bharat @2047' approach paper. The paper, discussed in a recent NITI Aayog meeting, stresses the need to avoid the middle-income trap.

The strategy envisions India’s development based on pillars of demography, democracy, and diversity. Prime Minister Narendra Modi chaired the Ninth Governing Council meeting where the paper highlighted that only a handful of middle-income countries have advanced to high-income status in the last 70 years.

India must sustain a growth rate of 7-10% for 20-30 years to achieve high-income status. Specific goals include raising life expectancy to 84 years, achieving universal literacy, lowering the Infant Mortality Rate, and significantly increasing female labor participation. The paper calls for collaborative efforts between the Center and States, emphasizing innovative strategies and cooperative federalism to achieve these ambitious targets.