GPS Coordinates Set for Viksit Bharat 2047..! World Bank Provides Outline
Indian can take advantage of its demographic dividend by investing in human capital, and raising female labour force participation to 50 per cent.
As we often read about Modi's vision of 'Viksit Bharat 2047' and road maps being drawn to become a developed economy by then, a new World Bank report, launched today, says that India will need to grow by 7.8 per cent on average over the next 22 years to achieve the country’s aspirations of reaching high-income status.
Titled 'Becoming a High-Income Economy in a Generation', the report suggests that this target is possible. Recognising India’s fast pace of growth averaging 6.3 per cent between 2000 and 2024, the report notes that India’s past achievements provide the foundation for its future ambitions. Getting there, however, would require reforms and their implementation to be as ambitious as the target itself.
The report evaluates three scenarios for India’s growth trajectory over the next 22 years. The scenario which enables India to reach high-income status in a generation, requires India to: a) achieve faster and inclusive growth across states; b) increase total investment from the current 33.5 per cent of GDP to 40 per cent by 2035; c) increasing overall labour force participation from 56.4 per cent to above 65 per cent by accelerating overall productivity growth.
Indian can take advantage of its demographic dividend by investing in human capital, creating enabling conditions for more than better jobs and raising female labour force participation rates from the current 35.6 per cent to 50 per cent by 2047, it says.
India can take advantage of its demographic dividend by investing in human capital, creating enabling conditions for more and better jobs and raising female labor force participation rates from 35.6 percent to 50 percent by 2047.
In the past three fiscal years India has accelerated its average growth rate to 7.2 per cent. In order to maintain this acceleration and attain an average growth rate of 7.8 per cent (in real terms) over the next two decades, the Country Economic Memorandum recommends four critical areas for policy action: 1) Increasing investment, 2)Fostering an environment to create more nd better jobs, 3)Promoting Structural transformation, trade participation and technology adoption, 4) Enabling states to grow faster and together.
