Viksit@2047: A matter of priorities

India's ambition may seem out of reach, but two and a half decades provide ample time to prepare - if it gets its focus right

- LAVEESH BHANDARI

Is Viksit@2047 possible at all? India at a per capita income of $2,390 in 2022 was towards the lower end of the lower-middle income range that spans from $1,136 to $13,846. The range is obviously very high and, therefore, it will take some time for India to cross into the high-income segment. Most current estimates of feasible long-term growth for the country tend to be around 6 to 7 per cent. This is clearly not adequate for the Viksit status envisaged for 2047. While challenges from climate change will further hinder achieving this tough target, opportunities - such as those arising from technological changes - will, however, support higher growth.

Of what use is a goal if it is not ambitious? And of what use is ambition if not achievable? So yes, at current levels of growth Viksit@2047 seems unachievable, but two and a half decades is a long time. Over time, we will have better human capital, access to better technologies, and greater knowledge. Therefore, rather than lowering the target, we need to prepare for higher growth in the future while prioritising elements that just cannot be delayed.

Note that in an ideal world, India needs to achieve many things, and the sooner we do that, the better it would be. Well-known among them include controlling the fiscal deficit, improving human capital, and implementing reforms related to land, labour and capital markets. While all of these, and a few others, are important, I ask the following question: What must the government do now that cannot be delayed even by a year? These, obviously, have to be changes that take time to play out, and after some muddling through, I narrow it down to two key areas of focus.