India's Path to a Developed Nation Status by 2047: A Realistic Goal

The 16th Finance Commission Chairman Arvind Panagariya emphasized that India's ambition to become a developed nation by 2047 is attainable. To achieve this, India needs a per-capita income growth of 7.3% annually. Panagariya highlighted the importance of technological advances, capital accumulation, and skill acquisition in realizing this goal.

India's ambition to become a developed nation by 2047 is described as a realizable ambition by Arvind Panagariya, Chairman of the 16th Finance Commission. The country aims to increase its per-capita income from the current USD 2,570 to USD 14,000 over the next 24 years.

Speaking at the 49th Civil Accounts Day, Panagariya noted that achieving this requires a per-capita income growth rate of 7.3% annually. He emphasized that India's current technologies, coupled with reasonable capital accumulation and skill acquisition, provide the nation with significant room to catch up with developed countries.

Panagariya stressed the need for reforms to foster a labor-intensive industrial sector, creating more jobs for the masses, and he advocated a cautious approach towards capital account convertibility to maintain effective exchange rate management.

(With inputs from agencies.)