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Industry body PHDCCI on Wednesday came up with 10 key enablers to help India become a “developed country” (Viksit Bharat) by 2047 and ramp up its per capita income to $21,000 by that year.
It also sees the country’s GDP growing at an average rate of 6.7 per cent between now and 2047, while pegging the growth forecast for the current fiscal at 8-8.3 per cent.
PHDCCI has in the report forecast the size of the Indian economy at $34.7 trillion by 2047 as against $3.7 trillion now.
“Of the ten key enablers, the most important initiative to my mind would be filling the vacant government positions at the national and State levels, including judiciary, police, medical, military and para military. This should be done within the first hundred days of the new government,” SP Sharma, Chief Economist, PHDCCI, told businessline.
Ranjeet Mehta, Executive Director, PHDCCI, and Sharma released a report titled ‘Viksit Bharat@2047: A Blueprint of Micro and Macro Economic Dynamics”.
This move comes on the heels of Bharatiya Janata Party (BJP) releasing its 2024 general election manifesto titled ‘Modi Ki Guarantee 2024’
Share in GDP
By 2047, PHDCCI sees the share of agriculture in the overall GDP coming down to 12 per cent from 20 per cent in 2023 and that of manufacturing rising from 16 per cent in 2023 to 25 per cent in 2047. The share of services in 2047 are expected to be at 54 per cent, the same level as in 2023.
The other enablers include percolate ease of doing business at factory level; enhance global scalability of the promising sectors such as automobile sector, Fast Moving Consumer Goods (FMCG), fintech, information technology and pharmaceuticals.
Sharma said there should be special focus to the development of semiconductor industry — India’s semiconductor industry will enhance its prominence as a leading manufacturer globally.
PHDCCI also recommended the continued handholding to start-up ecosystem to help it become the 2nd largest in the world by 2030.
On exports, PHDCCI has identified 75 products that need to be focused upon to enhance export volumes in the global trade. Currently, these products contribute around $222 billion, which is almost 50 per cent of India’s total exports. At the global level, these 75 products have significant presence in world exports, whereas India’s share of these 75 products is only 6 per cent of the total world exports.
“These products have the potential to enhance India’s merchandise exports by $1 trillion by 2030 with the proper capacity building of manufacturers and States of such products,” Sharma said.
PHDCCI expects India’s overall exports to touch $10 trillion by 2047 with 50 per cent each from merchandise goods and services.
Reform measures
PHDCCI recommended that reform measures be introduced in agriculture and food processing sector. The best practices of leading States should be adopted by others, the chamber suggested.
From $307 billion (as of 2023), India’s food processing sector is expected to reach $700 billion by FY2030, $1,100 billion by FY2035, $1,900 billion by FY2040 and $2,150 billion by 2047, PHDCCI said.
Sharma said that government can boost education and skill development by ensuring the presence of schools within the radius of 1 kilometres, colleges within the radius of 10 kilometres and universities within the radius of 25 kilometres in the next five years.
There is also need to focus on building well-equipped primary healthcare centres and Government hospitals across the country especially at the tehsil/block level, Sharma said. “There is need to make health centres available within the radius of 1 kilometre and hospitals within the radius of 10 kilometre,” he added.
PHDCCI has also stressed the need for boosting physical infrastructure including road, rail, port, airport, education institutions and hospitals along with targeted outcomes annually.
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