Navigating Growth: India's Path to 'Viksit Bharat'

India's growth projections for FY26 align realistically between 6.3-6.8%, as D K Srivastava of the Finance Commission suggests. Achieving 'Viksit Bharat' by 2047 demands a challenging 8% growth rate annually, necessitating policy focus on new technologies and sectors to boost capacities effectively.

The growth projections for India's fiscal year 2026 have been set realistically at 6.3-6.8%, according to D K Srivastava, a key adviser to the Finance Commission. Srivastava, also EY's Chief Policy Advisor, stresses that while these targets are achievable, challenges loom large in meeting the ambitious 'Viksit Bharat' goal by 2047.

He noted that maintaining an 8% annual GDP growth over the next two decades is essential to realize this vision, but current figures hover under 7%. Srivastava highlights the need for a 35% savings rate, up from the current 31%, as necessary for sustainable growth.

To address these challenges, Srivastava advocates for investments in AI, biotechnology, and ocean-related technologies, urging strategically developed industrial policies to propel India's economy to new heights.

(With inputs from agencies.)