India targets to be $40 trn powerhouse by 2047
The government had set up some sectoral groups of secretaries to finalise the blueprint for the plan
India has targeted to be a powerhouse of $40trn by 2047, the sectoral groups of secretaries on Vision India @2047 intends to present their plans to the cabinet secretary later this week.
They are also planning to share their strategies to make India a leading player across products and services by the country's 100th year of Independence, reports The Economic Times.
The government has already held industry consultations to set goals for 2024, 2030 and 2047 and identify focal points in technology, sunrise and futuristic areas.
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"The groups will present their plans to the cabinet secretary this week. One group has suggested ways of making India a $40 trillion economy by 2047," said a government official.
The government had set up some sectoral groups of secretaries to finalise the blueprint for the plan.
India's nominal gross domestic product in FY22 is estimated at Rs 232.1 lakh crore, just over $3.1 trillion, well short of $5 trillion by FY25.
The ministries of commerce and industry, and textiles have discussed with exporters and industry benchmarking India's regulations and key socio-economic indicators across all sectors to international standards, and a gap analysis between domestic and advanced international capabilities.
"We have discussed ways to develop both private and public Indian companies as global leaders by improving competitiveness and capacity," said a textile industry representative.
As per another industry representative, the intent of the exercise is to brainstorm and ideate ways to develop institutional expertise including government process re-engineering, and propose a framework to position India as a leader in such a sector within a decade.
One such aim is to become energy-independent by 2047.
The groups' strategies also touch upon devising systems for institutional collaboration with foreign governments, international agencies and institutions in the field of technology.
"We have been asked to chalk out a roadmap to develop academic and research institutions, think tanks and companies as global leaders," said a representative of an export promotion council.
Similar industry consultations have been done by the tourism ministry.
