India Targets Third Largest Economy Status by 2047

India aims to secure the position of the third-largest economy globally by 2047. Finance Minister Nirmala Sitharaman emphasized at the 'FICCI Viksit Bharat@2047' conclave. Highlighting the pivotal role of industry in India's development, Sitharaman stressed its contribution to economic independence.

India's Economic Growth and Industry's Pivotal Role

Sitharaman emphasized the critical role of Indian industry in the nation's past achievements and its future aspirations. She pointed out that the sectors of electric vehicles (EVs), space exploration, artificial intelligence (AI), warehousing, logistics, and green hydrogen are ripe for innovation and investment. 

These areas, according to the finance minister, are essential for sustaining economic growth and achieving the set goals. Moreover, Sitharaman urged the industry to leverage opportunities for expansion and form international partnerships, highlighting the significance of digital infrastructure in realizing the vision of a developed India by 2047.

Echoing Sitharaman's sentiments, Anurag Thakur, Minister of Information & Broadcasting and Sports & Youth Affairs, expressed confidence in achieving 'Viksit Bharat' well before the 2047 deadline.This achievement underscores the substantial advancements made over the past decade. 

Additionally, Anish Shah, President of FICCI, stressed the importance of inclusive growth and the government's focus on capital expenditure. He encouraged the private sector to build on this solid foundation to further propel India towards its ambitious goal.

Echoing Sitharaman's sentiments, Anurag Thakur, Minister of Information & Broadcasting and Sports & Youth Affairs, expressed confidence in achieving 'Viksit Bharat' well before the 2047 deadline. Noting India's transition from the 'Fragile Five' economies to the fifth-largest global economy, Thakur highlighted the remarkable progress made over the last decade.

Anish Shah, President of FICCI, emphasized inclusive growth and the significance of government capital expenditure in laying a robust foundation for the economy. He urged the private sector to leverage this foundation to further propel India towards its goal of becoming a developed nation.

India's Pathway to a Developed Nation

India's aspiration to become the third largest economy by 2047 aligns with its historical journey of economic development. With strategic reforms and investments in key sectors, the country is poised for accelerated growth and global prominence.

The government's focus on fostering innovation and enhancing digital infrastructure underscores its commitment to driving economic transformation. By leveraging emerging technologies and fostering partnerships, India aims to solidify its position as a global economic powerhouse.

Furthermore, India's transition from a developing economy to a developed nation signifies a significant milestone in its socio-economic progress. The government's proactive approach towards policy reforms and investment facilitation reinforces investor confidence and stimulates economic growth.

As India marches towards its ambitious goal, collaboration between the public and private sectors will be crucial. By fostering an ecosystem conducive to innovation and entrepreneurship, India can unleash its full potential and emerge as a beacon of economic prosperity on the global stage.

India's pursuit of becoming the third largest economy by 2047 reflects its unwavering commitment to sustained growth and development The government's vision, supported by the private sector's drive and innovation, sets the stage for a transformative journey. With strategic investments in technology, infrastructure, and human capital, India is not just aiming for economic milestones but is also working towards a sustainable and inclusive future for all its citizens.