India's Path to Development: A Vision for 2047

Chief Economic Adviser V Anantha Nageswaran emphasizes India's preparedness to leverage global conditions to achieve its goal of becoming a developed nation by 2047. The Economic Survey suggests an 8% growth rate is needed over two decades. Challenges include global influences, FDI competition, and energy transition efforts.

India must gear up to capitalize on favorable global conditions if it aims to transition into a developed nation by 2047, according to Chief Economic Adviser V Anantha Nageswaran. Speaking post-Economic Survey 2024-25, Nageswaran stressed India's status as the 'fastest growing large economy', despite a global slowdown impacting growth.

The Survey indicates India requires an 8% growth rate over 20 years to achieve development status by 2047. Current forecasts, however, anticipate a dip to 6.4% by 2024-25. Nageswaran attributed sluggish progress to global factors but highlighted potential growth spurts driven by agricultural contributions and global export recoveries.

Nageswaran urged India Inc. to prioritize employee compensation to stimulate consumption, aiming for a socially responsible private sector. He recognized India's competition with industrialized nations for FDI and emphasized public transport's role in energy transition. The IMF projects robust nominal growth, marking India as a future USD 5 trillion economy by FY28.

(With inputs from agencies.)