India's Journey to a $30 Trillion Economy by 2047

The NITI Aayog's approach paper outlines India's vision to become a $30 trillion economy with a per capita income of $18,000 by 2047. The nation aims to avoid the middle-income trap with sustained growth, upgrading manufacturing and logistics, and achieving balanced energy security and sustainability. Collaboration is crucial.

NITI Aayog's approach paper details India's ambitious vision to become a $30 trillion economy by 2047, necessitating a substantial increase in per capita income to $18,000 per annum.

The paper highlights the need to avoid the middle-income trap by sustaining a growth rate of 7-10% over the next two to three decades, a feat few countries have managed.

Discussed during the ninth Governing Council meeting chaired by Prime Minister Narendra Modi, it emphasizes structural challenges like bridging the rural-urban income gap and upgrading manufacturing and logistics capabilities. Ensuring balance in energy security and sustainability is also highlighted as crucial for India's transformation into a global manufacturing and services hub.

(With inputs from agencies.)