India is the world’s fifth-largest economy, and it is almost certain to climb to number three before 2030. However, in terms of prosperity, India is not even among the top 100 nations. Depending on which per capita income metric is used (US dollar or purchasing power parity), India ranks between 120 to 150. For India to be considered a developed country, it needs to rank around 50, similar to countries like Turkey, Greece, and Russia.
To improve the quality of life in India in a substantial and multi-faceted way, various ministries of the government have been measuring the current state of economic and social achievement on a host of indicators. They have set a series of short-term (2030) and long-term (2047) targets to track India’s potential journey to becoming a developed country.
Key Targets and Initiatives
Improving Transportation Infrastructure:- One of the key initiatives is to increase the average speed of freight trains from 24 kmph to over 40 kmph by 2030 and over 80 kmph by 2047. Similarly, the plan is to develop around 50,000 km of high- speed highway corridors, which will improve the average speed of freight trucks from 35 kmph to more than 75 kmph by 2047.
Enhancing Military Expenditure and Defense Export:- The government is targeting to increase military expenditure to at least 3.4% of GDP by 2047, up from the current 2.4%. Additionally, India aims to increase its share of defense exports to more than 10%, which is currently less than 0.2%. The goal is also to reduce the share of defense imports to less than 2%, compared to the current 11%.
Focus on Agriculture: Rice Cultivation:- With paddy sowing underway in most parts of the country, we begin with the target of making India’s rice cultivation more productive. Enhancing agricultural productivity is crucial for improving the overall quality of life in India and achieving sustainable economic growth.
India’s journey to becoming a developed nation by 2047 is ambitious but achievable with dedicated efforts and strategic planning. The initiatives outlined by various government ministries aim to improve infrastructure, boost economic growth, and enhance the quality of life for all citizens. As we track these targets, it is essential for all stakeholders to contribute towards making India a prosperous and developed nation.
Stay tuned for more updates on India’s progress towards becoming a ‘Viksit Bharat.’
