Niti Aayog lists 4 pathways for $30 trillion economy by 2047
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Niti Aayog strategy paper calls to tap demography & diaspora for Viksit Bharat
By Our Special Correspondent
New Delhi, July 27: The ninth meeting of the Governing Council released a strategy paper to make India a developed nation by 2047. The paper listed India becoming a $30 trillion economy by 2047.
From the current $3.37 trillion, the Niti Aayog strategy paper called for rapid growth to scale up the economy by almost 10 times by 2047. Prime Minister Narendra Modi chaired the ninth meeting of the Governing Council at the cultural centre of the Rashtrapati Bhavan on Saturday.
“The most important advantage we have is our demographic dividend. With a population of 144 crores, India is one of the youngest nations with a median age of 29 years,” noted the strategy paper of the think tank panel.
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It also stated that “nearly 50 per cent of our population is below the age of 25 years. We account for nearly 20 per cent of the world’s total young population. This is an enormous opportunity, likely to last till 2047”.
The strategy paper argued that the “demographic dividend can propel India into a Viksit Bharat”. “We are already a Talent Hub with the largest number of STEM graduates in the world – over 20 lakh every year, ~ 43% of whom are women. We also have the 3rd biggest startup ecosystem in the world. Leveraged together and properly supported, our demography and enterprise, can propel our economic growth,” added the strategy paper.
It also laid emphasis on the strength of the India diaspora. “India has the world’s largest diaspora – nearly 3 crores – spread across all continents. This diaspora is the source of the largest remittances ($111 billion) in the world where we lead every other nation,” added the Niti Aayog strategy paper.
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It stated that “Indian origin CEOs are now ubiquitous across the MNC world. This diaspora is the source of our strength, and can be leveraged to generate investment, attract technology, and create knowledge for India”.
Besides, the strategy paper also called for leveraging the soft power of India. “As the birthplace of 4 religions, and home to over 750 languages and numerous folk arts, India is possibly among the most culturally diverse country in the world. Our impact and soft power are widely felt. Indian cinema is a major export not only for the entertainment of our diaspora but also for citizens of several countries,” added the strategy paper.
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Also, the paper spotlighted the “uniquely location of India in the Indian Ocean, connecting the continents of Europe, Africa and Asia”. It said: “India is positioned at the heart of global trade routes. With year-long sunlight availability, we can be a global solar power as well. Our agriculture spans multiple weather zones and crops. India can leverage geography and weather to be a major global player.”
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