It is creditable that the Government of India has set for itself and the nation a crucial goal: that India should become Viksit Bharat by 2047, which would mark the one hundredth anniversary of India’s independence. While there is general agreement that the term Viksit Bharat denotes a developed country, it is still necessary for public policy purposes to break the concept down to understand what it entails. What follows is an attempt to do so.
A 10 trillion-dollar economy
While India can be legitimately proud of being the fourth-largest economy in terms of Gross Domestic Product (GDP) in the world, the fact remains that for a population approaching 1.5 billion, the present GDP of $4.5 trillion is a little below par. If India is to become “Viksit” in the real sense of the term, the GDP must grow substantially to reach at least $10 trillion.
This is entirely achievable if we can do a couple of things. First, 40 per cent of our GDP is linked to foreign trade, so our share of international trade must double. In particular, our share of global exports, which hovers around 2 per cent, should rise to 10 per cent. Second, our foreign direct investment (FDI), which for the latest year is a little short of $100 billion, must also grow substantially. For these two developments to occur, the Government of India must carry out deep-seated economic reforms in areas such as land, labour, power, agriculture, infrastructure and regulatory obstacles.
Inclusive economic growth
While there is no question that GDP growth must accelerate, as mentioned above, that alone is not enough. Growth must be inclusive, which is to say that it must reach the people at the bottom of the economic pyramid. The government has introduced important schemes such as the Pradhan Mantri Garib Kalyan Yojana. Going beyond that, job creation for the youth must become a national priority for both the central and state governments.
Since it is not possible for the government alone, or even the organised sector, to provide all the jobs that are necessary, it is vitally important to create an environment where young people become entrepreneurs and job creators rather than remain job seekers. Present levels of economic inequality are unsustainable, and efforts must be made to create a more egalitarian society.
Skilling
It is well recognised that our education system relies heavily on rote learning and produces thousands of graduates every year who may not be immediately employable. In this context, skilling and re-skilling graduates become crucial. Vocational training, industry-academic collaboration and the development of technology skills, including artificial intelligence, must assume mission-mode importance.
Spending on education in both the public and private sectors must increase substantially, especially in states that lag behind the national average. At the same time, research and development must be given priority across relevant institutions. A population approaching 1.5 billion can become a demographic dividend for India, but only if it is sufficiently skilled to meet the demands of a knowledge-based economy.
Health
India’s healthcare system is undergoing rapid transformation, driven by digitalisation and infrastructure expansion. However, challenges remain because of rising medical costs and the growing burden of chronic diseases. The government has undertaken major initiatives such as Ayushman Bharat and the Ayushman Arogya Mandir schemes, which have expanded access to healthcare across the country.
Medical college seats have more than doubled since 2014 in an effort to bridge the doctor-patient gap. Successful efforts have also been made to promote India as a global hub for medical tourism. Despite these advances, public spending on healthcare remains below desirable levels. India also faces the risk of becoming the global centre for heart disease and diabetes. The country therefore needs to continue strengthening public health infrastructure so that healthcare is accessible, affordable and quality-driven for the majority of the population. The National Health Mission is doing commendable work and needs further strengthening and streamlining.
Sustainable development
India must not follow the path taken by industrialised countries, which relied heavily on high-carbon development, nor replicate China’s dependence on coal. India is one of the few major economies that has the opportunity to pursue a low-carbon pathway to a high-income economy based on sustainable development. This should be pursued not merely because the world expects it, but because the people of India deserve it as a matter of right.
The road ahead
India is well positioned to become Viksit Bharat by 2047. Achieving that goal will require a mission-mode approach and strong coordination across all levels of government. The next twenty years are likely to be among the most important in the nation’s history, and sustained economic reform, investment in people, stronger institutions and a long-term commitment to inclusive and sustainable growth will determine whether the vision of a developed India becomes a reality.
Dr Mohan Kumar is a former Indian Ambassador to France and currently Dean and Professor at O.P. Jindal Global University. The views expressed are personal.
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