New Economic Paradigm for 2047: Deliberation Human Centric Development
A new economic paradigm should prioritize human-centric development alongside economic growth to ensure the holistic development of the country. Human centricity is one of the biggest strengths that India can offer to the world. We have a saying, ‘May all beings in this world be happy and well’, and putting people first is at the heart of our social and economic fabric.
Bharat is estimated to be a $30 trillion developed economy by 2047, according to preliminary results from the Centre’s vision document which is being prepared by Niti Aayog. Bharat is currently estimated to be the fifth largest economy with a GDP of $3.7 trillion. For a long time in world history, Bharat was one of the top economies of the world. But now, Bharat is again on the rise. The speed with which we jumped five spots, from the 10th largest economy to the fifth largest in less than a decade has conveyed the fact that Bharat means business. Several estimates show that Bharat’s GDP is expected to overtake Japan and Germany by 2030. Rating agency S&P estimates that Bharat’s nominal GDP will rise from $3.4 trillion in 2022 to $7.3 trillion by 2030.
Going by the preliminary numbers provided by the Niti Aayog, estimates show that the economy will need to post an annual average economic growth of 9.2% between 2030-2040, 8.8% between 2040-2047 and 9% between 2030 and 2047.
While most advanced economies are facing an economic slowdown, chronic shortages, high inflation, and aging populations, the Bharat economy is acknowledged to be the fastest-growing large economy with the largest youth population.
However, various development indicators exist, focusing on income level, health and education standards, quality of life (e.g., access to electricity and safe drinking water), availability of work, levels of poverty and inequality and technological attainments need to be debated.
To boost the economy, employment, innovation and industrial output, various policies on skill development, ease of doing business, and schemes like PM Gati-Shakti, and PLI are already in place. Similarly, the Competitiveness Roadmap for Bharat@100 emphasizes productivity as a driver of sustained prosperity through sector-specific and region-specific policies based on the ‘4 S’ principles. The 4S principles stress the need for prosperity growth to be matched by social progress, to be shared across all regions within Bharat, to be environmentally sustainable, and to be solid in the face of external shocks.
Therefore, to achieve the objective of Viksit Bharat, the focus of the path of development in Bharat should be on employment-centered growth, strong defense, utilizing demographic dividend, science and technology and strong and self-reliant Bharat for the world.
The study would focus on road maps and measures to ensure that the economy grows at such a pace to achieve the target of a developed economy. The development journey should be human-centric, and it has to be ensured by our policies and programs.
Some Links for Referal:-
Monthly Economic Report, DEA , GOI
