In early 2024, PM Narendra Modi is expected to unveil a road map to transform the country.
India as a developed nation with a $30 trillion economy by the time it completes 100 years of Independence.
The Vision India@2047 plan, as it is officially named.
The works for nearly two years with officials across ministries brainstorming on how to take the country from its current level of development to where it aspires to be.
The NITI Aayog, in the process of giving this vision document a final shape.
Its central ideas and goals comes from top minds across sectors, including World Bank President Ajay Banga, Apple chief Tim Cook, as well as Indian industrialists and leaders.
Coming ahead of the Lok Sabha election, the plan may well be viewed as the government’s policy playbook promise for prospective voters.
But irrespective of electoral outcomes, future governments would do well to keep an earnest outlook towards the broad agenda.
India’s rise from 1991, when it accounted for 1.1%.
Now the global economic output, to the 3.5%.
Now commands as the world’s 5th largest economy.
Its driven by governments of varying political hues largely sticking to the reform and liberalisation agenda.
Blips in the pace and vigour of reforms have also been visible across governments, including the present coalition-independent regime.
Especially on the trickier changes needed in factor markets such as land and labour.
The final plan should have some ideas to help navigate such challenging reforms and ensure policy certainty for global investors.
Minimizing the government’s role to that of an enabler rather than a micro-manager.
A stated focus area of the vision document that splices its action points and outcome goals into two periods .
2030 and the 17 year-period from then till 2047.
This will ensure India does not slip into a middle income trap a few years from now.
That requires hastening the long-pursued structural shift in the economy from farms to factories, and arresting a widening trend of income inequality.
While the Five-Year Plans have been abandoned, the 2047 plan must be revisited at suitable intervals.
This is to recalibrate goals based on evolving global trends and Black Swan events.
Aiming for a high 9% growth rate between 2030 and 2047 is laudable but factoring in alternative scenarios and changing course when warranted, is also advisable.
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