Abstract of the talk:

India’s vision to be a developed country by 2047 (Viksit Bharat) is of interest to Indians, and to the whole world. As the most populous country, high growth in India will be the biggest
mover of the world economy in the years to come. India making its economic transformation would affect every aspect of life, and would itself require new initiatives. The specific goals to achieve upper middle-income status by 2035 and high income by 2047, the instrumentalities, and the strategies and policies to achieve the same would be brought out. There is little doubt that manufacturing has to be integral to the strategy. Deep reforms to improve inclusion and empowerment too are necessary. The context of the slowing down of China, including its expected population stagnation, needs recognition. The talk will cover the demographics, developments in the labour force, education, the expected international political and economic contexts, the roles of the private sector and markets, and the crucial inclusive policies, and actions required. Administrative reform to improve the capability of government, and public digital infrastructure would all be necessary along the way. We bring out the challenges, opportunities, risks, and actions necessary to put India firmly on to the path of being a developed economy. 

Dr. Arvind Virmani has been a full-time Member at NITI Aayog since 16th November 2022. He was the Founder Chairman of the Foundation for Economic Growth and Welfare (EGROW) and President of the Forum for Strategic Initiatives (FSI, Delhi). He was earlier the Executive Director, IMF, Chief Economic Advisor, Ministry of Finance and Principal Advisor, Planning Commission.