In December, Modi will release a vision document for the future of India

 In December, Modi will release a vision document for the future of India

A plan to become a developed nation by 2047 is being prepared by NITI Aayog.

New Delhi: Prime Minister Narendra Modi will present a vision statement in December defining India's medium-term development objectives and milestones, which will also influence the reform agenda and re-election campaign of the governing National Democratic Alliance.

Three persons with knowledge of the conversations said, on condition of anonymity, that extensive work is being done to examine the development trajectories of major sectors and growth impediments and devise a collaborative strategy with states' engagement in the spirit of "Team India."

According to one of the individuals described above, the federal policy think tank NITI Aayog is serving as the nodal body for creating the plan with the help of a high-level committee of secretaries.

The goal of this vision statement will be to achieve developed nation status by 2047, with a specific emphasis on the rural economy and farmer incomes. It will also emphasize inclusive and environmentally sustainable development, sunrise industries, and ongoing infrastructure construction.

The vision document, which comes at the conclusion of Modi's second term, is also anticipated to lead to better citizen service delivery and governance. The strategy will continue to be built on the twin pillars of economic and human growth. Micro, small, and medium-sized businesses as well as female empowerment and expanding female involvement in the workforce will get particular focus.

A per capita income of $13,000 is considered developed. Based on a forecast nominal GDP of 301 trillion at an exchange rate of 83 to the dollar, India's per capita income in FY24 would be almost $2,500.

The Prime Minister's Office and NITI Aayog did not respond to emails addressed to them on Saturday asking for comments for the article.

The planned plan comes as India faces several obstacles, including tight financial conditions globally and geopolitical uncertainty, in its aspirations to boost economic development by gaining a larger part of global manufacturing and commerce. These are causing currency rates, energy costs, and fertilizer prices as well as worldwide demand to fluctuate.

On the home front, rural consumption must catch up to urban consumption even if government investment has grown. Policymakers are banking on a recovery in private investments, which is shown by increased output and imports of capital goods and assisted by banks' and enterprises' healthier balance sheets.

According to experts, fixing structural problems is crucial for guaranteeing balanced development. For the economy to expand steadily and strongly, N.R. Bhanumurthy, vice chancellor of Bengaluru's Dr. BR Ambedkar School of Economics University, stated that improving labor and capital productivity is essential. With the same amount of resources, greater factor productivity increases economic output.

The Vision 2047 plan would include the construction of infrastructure fit for the twenty-first century. For continuing public and private investment, the government has selected 16 key sectors of infrastructure, including highways, ports, and railroads. 

According to the third individual listed above, one goal is to construct a network of 50,000 km of roads over the next 20 years with an expenditure of more than 20 trillion, including around 35,000 km of access-controlled ones. The plan includes developing a world-class railroad and making the nation a naval superpower.