Questions and Answers
What is the target average income per person for India by 2047?
What is the current size of India's economy that needs to grow to achieve the USD 30 trillion goal?
How long does the report suggest India needs to maintain a 7-10% annual growth rate to transition from middle-income to high-income?
According to the report, what is one of the crucial challenges for India to achieve high income status?
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What does 'Vikshit Bharat' signify in the context of this economic vision?
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What must India do to turn its agricultural workforce into a strong industrial workforce?
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Which organization has laid out the Vision for a Viksit Bharat?
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What does India aim to address to ensure its economic aspirations are met?
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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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Description
This quiz explores India's ambitious plan to transform into a $30 trillion economy by 2047, marking the centennial of its independence. The initiative, spearheaded by NITI Aayog, aims to raise average income significantly and prevent stagnation at the middle-income level. Test your knowledge about the nation's economic aspirations and strategies!
