New Delhi, November 29: NITI Aayog CEO BVR Subrahmanyam announced on Wednesday that a vision document is in the works for India to evolve into a developed economy with an estimated GDP of about USD 30 trillion by 2047.
The draft document, titled ‘Vision India @2047,’ will outline the necessary institutional and structural changes and reforms required for the country to achieve developed nation status by 2047.
While addressing an event organized by the industry body FICCI, Subrahmanyam stated, “A vision plan is being prepared for India to become a developed economy… the prime minister will release the document in January.”
In 2023, NITI Aayog was tasked with consolidating 10 sectoral thematic visions into a comprehensive vision for “Viksit Bharat @2047.”
Subrahmanyam highlighted the government’s goal to increase the college enrollment rate in India from 27 percent to 50-60 percent, necessitating the establishment of additional universities. He emphasized that, given the fiscal stress on states, funding for new universities would need to come from the private sector.
The NITI Aayog CEO also stressed the need to create education cities akin to Boston and San Francisco, fostering research and development (R&D) and innovation.
With half of India’s population having a median age below 29 years, Subrahmanyam noted, “We have a window of 25 years to exploit the demographic potential of India.” He highlighted India’s impending role as the largest workforce provider globally but expressed concern that 13 lakh Indian students leave the country annually for higher education. He emphasized the importance of attracting more students to India.
