India's Path to 'Viksit Bharat' by 2047: A Reality Check

India aims to achieve 'Viksit Bharat', or developed nation status, by 2047. This goal is deemed achievable by focusing on manufacturing, services, and controlling inflation. The Economic Survey 2024-25 suggests that India needs to average 8% growth over a decade and create non-farm jobs to meet the targets.

India's ambitious goal of achieving 'Viksit Bharat' by 2047 has been deemed attainable with a sharp focus on key economic sectors and controlling inflation, according to Deloitte India. The consultancy firm emphasized the potential of manufacturing and services in driving growth.

The recently tabled Economic Survey 2024-25 outlines the need for India to grow by an average of 8% over the next decade to achieve developed nation status. With inflation kept within targets and strategic investments in emerging technologies, this vision is within reach.

Economist Rumki Majumdar highlighted the untapped potential in 'servicification of manufacturing'. To meet the goal, India needs to create millions of non-farm jobs annually and build future-ready infrastructure. Decoupling from China's supply chains isn't feasible yet, but self-reliance in sectors like semiconductors and defense is being prioritized.

(With inputs from agencies.)