NITI Aayog’s vision 2047 document to outline blueprint for $30 tn economy

NITI Aayog is in the advanced stages of finalizing a comprehensive vision document for India’s growth and development that will accelerate its transition to a developed country by 2047, chief executive officer B.V.R. Subrahmanyam said on Sunday. 

The Indian government’s primary think-tank is likely to release the document by December, bringing an end to a two-year exercise. 

Among the key targets laid out in the document is to make India a $30 trillion economy in the country’s 100th year of Independence. 

Speaking at a media briefing in New Delhi, Subrahmanyam said several long-term goals had broadly been identified, including a per capita gross domestic product (GDP) of $17,590, exports of $8.67 trillion, and investments of ₹1,273 trillion ($15.3 trillion) by 2047.

First envisaged by Prime Minister Narendra Modi in 2021, the ‘Viksit Bharat @ 2047’ document also aims to overhaul the bureaucracy, with senior officials dedicating more time to ideation and strategy.

The exercise to prepare the vision document started in December 2021 with the cabinet secretary forming 10 sectoral groups of secretaries (SGoS) from various ministries to prepare separate documents on rural and agriculture, infrastructure, resources, social vision, welfare, finance and economy, commerce and industry, technology, governance, and security, and foreign affairs. The final presentation with these SGOSs will be done in the first week of November, following which a central draft vision document will be prepared. 

The groups undertook extensive consultations with various think tanks, research institutions, industry chambers, and export promotion councils as part of the exercise, Subrahmanyam said. 

The government will also conduct meetings with the industry and thought leaders in  November to take their input. Top industrialists such as Gautam Adani, Mukesh Ambani, and Nandan Nilekani will be part of the meeting, the Business Standard reported. 

“A lot of the inputs through departmental SGoS have come. Now, we are working on the big picture and harmonizing these inputs. Some implementation plans will be added and by December, we will have the draft vision ready,” Subrahmanyam said. 

Besides, some states are also expected to come up with their own vision documents. 

The global consulting firm BCG has also been hired by the government to assist in preparing the vision document 2047. 

According to the preliminary results from NITI Aayog’s internal modeling, India’s population will soon stabilize at around 1.65 billion, exports will rise to $8.67 trillion in 2047, imports will be valued at $12.12 trillion, average life expectancy will jump to 71.8 years from the current 67.2 years, and literacy rate will improve to 89.8% from 77.8% in 2021.

“2047 will be a very different India. It will be highly urbanized. Where we live, the way we move, the kind of jobs we do, what we eat. Things are going to change massively by that time. The way the government is structured also has to change,” Subrahmanyam said.