India will become a developed country by 2047.
India’s strong economic growth has raised expectations of it becoming a developed country by 2047, the 100th anniversary of its independence.
However, reaching this goal will require the challenging task of increasing the country’s per capita income by over five times, from the current USD 2,600 to USD 10,205, in the next 25 years.
Meeting this ambitious objective means maintaining a per capita income growth rate of 7.
5% each year and an overall GDP growth rate of 9% during this time.
Characteristics Of A Developed Country.
A developed country is a nation that has a strong and advanced economy, with lots of industries, technology, and overall well-being in society.
This term is used to set these countries apart from those that are still growing economically and socially.
India, the world’s fifth biggest economy with a GDP of 3.
42 trillion USD, is currently seen as a developing nation.
Economic Factors
High Per Capita Income (typically above USD 12,000 to USD 25,000 or more)
Social and Human Development Factors
- High literacy and educational levels
Availability of social services and high-quality healthcare
High life expectancy and low neonatal mortality rates
strong political and legal frameworks with democratic government
Technological Innovation
- sophisticated technical capabilities and infrastructure
A strong focus on R&D (research and development)
elevated levels of creativity and efficiency
Examples of A Developed countries.
- The United States, Canada, Japan, Australia, and New Zealand are a few examples of developed nations, according to the International Monetary Fund (IMF).
- Hong Kong, Singapore, and South Korea are further Asian examples.
The main factors accelerating India’s transition to a developed economy
Rise of the Services Sector:
India’s services sector is experiencing rapid growth, accounting for over 50% of GDP. This sector offers high-value jobs and attracts foreign investment.
India’s demographic dividend
India is characterized by a young and expanding population, with a median age of 28.2 years (2023). This abundant human capital has the potential to drive economic growth when adequately trained and employed.
Economic Resilience
India’s domestic demand has demonstrated resilience despite global economic uncertainties, geopolitical tensions, disruptions in supply chains, and tightening financial conditions in major economies. The Reserve Bank of India predicts that India’s real GDP will increase by 7% in 2024-25.
Major Roadblocks to India’s Goal of Developed Economy.
- Jobless Growth
- Poverty-Education-Skill Trap
- High Public Debt
- Vast Income Inequality
- Rural-Urban Divide and Unbalanced Development
- Climate Change Vulnerabilities