Achievable dream
THE WEEK India|August 18, 2024
Investments, productivity, labour force and per capita GDP growth indicate that Viksit Bharat is in India’s future
SURJIT S. BHALLA
Achievable dream

ON AUGUST 15, 2022, Prime Minister Narendra Modi took a long-term view of the Indian economy by outlining an ambitious vision—India to be a developed economy by 2047. The last time an Indian prime minister had outlined a long-term vision was in 1956 when the ambitious, unrealistic, insular and disastrous second Five-Year Plan was unveiled for India’s futuristic development (a state directed investment plan later christened as the Nehru-Mahalanobis licence raj model).

This Five-Year Plan was to bring in more curtailment of economic freedom, a ‘plan’ which ended with the extinguishing of both economic and political freedom with the announcement of the Emergency in 1975. Six years earlier, in 1969, Bank nationalisation was introduced; and by 1991, India was in a severe debt crisis, pledging gold to the IMF. The year also marked the beginning of a strong reversal of the past—economic reforms and economic growth, and the dismantling of the licence raj model was to be the new future of the Indian economy.

That new and productive future is the essence of Modi’s vision of Viksit Bharat. It has its deficiencies as it is currently implemented—it is hoped that the ambition will correct the current economic policy mistakes. The determinants of growth suggest that the 2047 goals are realistic.

At the time the vision was outlined, the BJP had just recorded its second straight big victory in the elections in Uttar Pradesh, India’s largest state. The Indian economy had also recovered strongly from the Covid shock. Although there was great uncertainty about India’s expected growth rate over the next 25 years at that time, that uncertainty is less today. For the third year running, India has recorded the fastest GDP growth rate among the world economies (upwards of 7.5 per cent a year) and the IMF estimates India will retain the top spot at least until 2029.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE WEEK INDIAView all
Hat-Trick Or Has-Beens?
THE WEEK India

Hat-Trick Or Has-Beens?

India look to win their third straight Test series in Australia, but ageing superstars and recent humiliation at home have cast a shadow on their hopes

time-read
6 mins  |
December 01, 2024
Constipation Can Put Your Heart At Risk
THE WEEK India

Constipation Can Put Your Heart At Risk

PEOPLE WITH CONSTIPATION have an increased risk of major cardiac events, including heart attack, stroke and heart failure, especially if they also have high blood pressure, finds an international study published in the American Journal of Physiology-Heart and Circulatory Physiology.

time-read
1 min  |
December 01, 2024
Too Much Sitting Can Accelerate Ageing
THE WEEK India

Too Much Sitting Can Accelerate Ageing

SITTING FOR EXTENDED PERIODS can harm the heart and accelerate ageing, even if you are young and get the minimum recommended amount of daily exercise, according to a US study published in the journal PLOS One.

time-read
1 min  |
December 01, 2024
Efficiency and innovation
THE WEEK India

Efficiency and innovation

As health care evolves, professionals must employ innovative methods to refine their skills

time-read
2 mins  |
December 01, 2024
Level up
THE WEEK India

Level up

Only 30 per cent of needy patients are able to undergo transplant in India; we need more dedicated transplant centres

time-read
2 mins  |
December 01, 2024
HOPE STEMS FROM A CELL
THE WEEK India

HOPE STEMS FROM A CELL

While stem cell therapies have shown success in treating blood disorders, orthopaedic ailments, autoimmune diseases and eye issues, there is hope that they can one day treat patients with heart disease, blindness, Parkinson's, HIV, diabetes and spinal cord injuries

time-read
10+ mins  |
December 01, 2024
Mind matters
THE WEEK India

Mind matters

Your mindset can limit or expand your physical ability

time-read
3 mins  |
December 01, 2024
Cutting edge
THE WEEK India

Cutting edge

Would you go under the knife if a robot was the one holding it? Or would you say, \"No way, I need a human touch\"? You might have to decide soon because a robot that can imitate skilled human surgeons is already here.

time-read
1 min  |
December 01, 2024
The smallest cut
THE WEEK India

The smallest cut

Minimally invasive surgeries have a bright future, with virtual reality and 3D procedures offering greater precision and AI on the horizon

time-read
4 mins  |
December 01, 2024
Signalling a revolution
THE WEEK India

Signalling a revolution

Canadian scientist and entrepreneur Sachdev Sidhu is focused on bringing cutting-edge antibody engineering to his country of origin

time-read
7 mins  |
December 01, 2024