India's Economic Vision for 2047

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Questions and Answers

What is the target average income per person for India by 2047?

  • USD 15,000
  • USD 18,000 (correct)
  • USD 20,000
  • USD 10,000

What is the current size of India's economy that needs to grow to achieve the USD 30 trillion goal?

  • USD 2 trillion
  • USD 3.36 trillion (correct)
  • USD 4 trillion
  • USD 5 trillion

How long does the report suggest India needs to maintain a 7-10% annual growth rate to transition from middle-income to high-income?

  • 25-35 years
  • 15-25 years
  • 20-30 years (correct)
  • 10-15 years

According to the report, what is one of the crucial challenges for India to achieve high income status?

<p>Reducing income disparity between rural and urban areas (A)</p> Signup and view all the answers

What does 'Vikshit Bharat' signify in the context of this economic vision?

<p>A country with advanced technological and institutional attributes (A)</p> Signup and view all the answers

What must India do to turn its agricultural workforce into a strong industrial workforce?

<p>Improve manufacturing and logistics capabilities (D)</p> Signup and view all the answers

Which organization has laid out the Vision for a Viksit Bharat?

<p>NITI Aayog (B)</p> Signup and view all the answers

What does India aim to address to ensure its economic aspirations are met?

<p>Balancing energy security, accessibility, affordability, and sustainability (D)</p> Signup and view all the answers

Flashcards

Target average income per person for India by 2047?

USD 18,000

Current size of India's economy?

USD 3.36 trillion

How long to transition to high-income?

20-30 years

Crucial challenge for India?

Reducing income disparity between rural and urban areas

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What does 'Vikshit Bharat' signify?

A country with advanced technological and institutional attributes

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How to strengthen India's industrial workforce?

Improve manufacturing and logistics capabilities

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Organization behind Vision for Viksit Bharat?

NITI Aayog

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What does India aim to address for its economic aspirations?

Balancing energy security, accessibility, affordability, and sustainability

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Study Notes

Economic Goals for 2047

  • India targets a USD 30 trillion economy by 2047, coinciding with the 100th anniversary of independence.
  • The plan is outlined in ‘Vision for Viksit Bharat @ 2047’ by NITI Aayog.
  • Average income per person is set to rise from USD 2,392 to USD 18,000 annually.

Growth Requirements

  • An increase from the current USD 3.36 trillion economy to USD 30 trillion demands a ninefold growth.
  • Transitioning from middle-income to high-income status requires consistent annual growth rates of 7-10% for 20-30 years.
  • Only a few nations have successfully sustained such high growth rates.

Definition of Viksit Bharat

  • Vikshit Bharat embodies a high-income nation with advanced social, cultural, technological, and institutional characteristics.
  • High-income country criteria set by the World Bank define this as having an annual income per person exceeding USD 14,005 as of 2023.

Key Challenges

  • Essential improvements in manufacturing and logistics capabilities are necessary.
  • Addressing the income disparity between rural and urban populations is crucial.
  • Development aims to transform the agricultural workforce into a robust industrial workforce.

Collective Efforts and National Participation

  • Achieving the ambitious vision necessitates widespread participation beyond just government efforts.
  • The 21st century is positioned as potentially India's century, hinging on energy security, accessibility, affordability, and sustainability.

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