Beyond Economics

To become truly developed by 2047, India must bridge economic divides, decentralise governance, and invest in its people — especially the unseen and unheard

- FR. JOHN FELIX RAJ & PRABHAT KUMAR DATTA

"ikshit Bharat 2047 represents a transformative leap forward, embodying India's commitment to emerge as a global economic powerhouse, a socially equitable and environmentally sustainable nation, underpinned by transparent governance. This ambitious project marks a critical phase in India's new developmental journey, which began in the 1990s. Over the past 75 years, India's economic landscape has undergone a profound metamorphosis despite challenges posed by climate change. From being the 10th largest economy globally, India has catapulted to the fifth position. According to Price Water Coopers' projections, India is poised to become the world's third-largest economy as early as 2030, with its GDP potentially surpassing that of the USA by 2060. This remarkable growth trajectory is underscored by a significant shift in the agriculture sector from 56 per cent to 20 per cent, while the service sector has experienced exponential growth, accounting for over 50 per cent of the country's GDP.

As the nation strives for rapid economic growth, it must navigate the complexities of sustainable development, balancing economic progress with environmental stewardship and social equity.

Economic Inclusion and Digital Governance India's strides in economic inclusion, digital governance, and sustainable development are noteworthy. The Pradhan Mantri Jan Dhan Yojana (PMJDY) has brought over 500 million people into the formal banking system, with a significant focus on empowering women, who hold over 55 per cent of these accounts. India's digital public infrastructure, including Aadhaar and UPI, has received acclaim. UPI has become a preferred mode of transaction, with nearly 38 per cent of individuals in rural and semi-urban areas opting for it. The government has made significant progress in harnessing renewable energy, with over 40 per cent of power capacity coming from non-fossil fuel sources, surpassing the Paris Agreement targets.