× #1 Viksit Bharat @ 2047: Economic Roadmap and Challenges #2 Re-evaluating India’s GDP Calculation Methodology and Base Year #3 Capital Expenditure (Capex) as a Driver of Economic Growth #4 The Persistent Challenge of “Jobless Growth” in India #5 Rationalization of the GST Regime and Inclusion of Excluded Items #6 The National Monetisation Pipeline (NMP): Progress, Hurdles, and Economic Impact #7 Fiscal Consolidation Path and Review of the FRBM Act #8 Production Linked Incentive (PLI) Scheme: Sectoral Impact and Employment Generation #9 Introduction To boost manufacturing, reduce import dependency, and make India an integral part of global supply chains, the Government of India launched the Production Linked Incentive (PLI) Scheme in #10 The Gig Economy: Growth, Opportunities, and the Need for Social Security #11 PM Gati Shakti National Master Plan: Integrating Infrastructure and Logistics #12 Revitalizing Public-Private Partnership (PPP) Models for Infrastructure #13 India’s Semiconductor Mission: Building a Resilient Electronics Supply Chain #14 Strategic Disinvestment Policy: Rationale, Progress, and Criticisms #15 Central Bank Digital Currency (CBDC): The Future of the Indian Rupee #16 Free Trade Agreements (FTAs): Opportunities, Risks, and Impact on Domestic Industry #17 Corporate Debt Market Deepening and the Role of the Corporate Debt Market Development Fund #18 The Challenge of Rising Regional Economic Disparities #19 Ease of Doing Business: From Global Rankings to Ground-Level Reforms #20 India’s Energy Transition: Economic Costs and Opportunities #21 Inflation Targeting and the Monetary Policy Committee (MPC): An Evaluation #22 Role of NITI Aayog in Cooperative and Competitive Federalism #23 Reforming the Special Economic Zone (SEZ) Act (DESH Bill) #24 Tackling Inequality: Wealth and Consumption Disparities #25 National Logistics Policy: Reducing Costs and Improving Efficiency #26 The Role of Monetary Policy in Controlling Inflation #27 How Fiscal Policy Impacts Economic Growth and Stability #28 The Effect of Public Debt on National Economies #29 The Influence of Interest Rates on Investment and Consumption #30 Global Economic Trends: How AI and Emerging Markets Shape Growth #31 Analyzing the Economic Impact of War and Conflict on National Economies #32 National Income #33 sectors of economy #34 circular flow of income #35 Demand #36 Supply #37 Five-Year Plans of India: Steering the Nation’s Economic Development #38 Consumer Equilibrium: Understanding Optimal Consumer Choice in Economics #39 Budget: A Comprehensive Economic Blueprint for Planning and Progress #40 Inflation: Understanding the Rise in Prices and Its Economic Impact #41 Money Aggregates: Understanding the Different Measures of Money Supply #42 Brain Drain: Understanding the Loss of Talent and Its Impact on National Growth #43 The impact of international trade agreements on export competitiveness and market access. #44 Assessing the effects of foreign aid on economic development in recipient countries. #45 Effects of gig economy on labor markets. #46 Evolving landscape of international trade in the post-COVID era. #47 Banking: The Backbone of Economic Development #48 Understanding the Business Cycle: Phases, Causes, and Implications #49 Understanding the Balance of Payments: Components, Importance, and Economic Impact #50 Understanding Stagflation: Causes, Effects, and Policy Challenges #51 Cryptocurrency and the Future of Money #52 Stock Market Volatility and Investor Behavior #53 Interest Rate Changes and Their Ripple Effects #54 Crowdfunding and Alternative Investment Models #55 Financial Inclusion through Digital Platforms #56 Poverty Alleviation Programs: Successes and Shortcomings #57 Income Inequality and Redistribution Mechanisms #58 Role of Education and Health in Human Capital Development #59 The Informal Economy: Size, Benefits, and Challenges #60 Gender Economics: Women in Labor Markets #61 Universal Basic Income (UBI): Can It Work? #62 ESG Investing and Sustainable Finance: Redefining Capitalism #63 Venture Capital and Startup Ecosystems: Fueling the New Age of Entrepreneurship #64 Inflation-Indexed Bonds and Their Relevance: A Safe Haven in Volatile Time #65 Sovereign Wealth Funds and Global Influence: Power Beyond Borders #66 Shadow Banking: An Unregulated Threat or Financial Innovation? #67 Microfinance and Poverty Reduction: Real Impact or Illusion?

INDIAN ECONOMY

Introduction

As India approaches its centenary of independence in 2047, the government has articulated a comprehensive vision under the "Viksit Bharat @2047" initiative. It envisions India becoming a developed, inclusive, and sustainable economy, characterized by high-income status, global competitiveness, and equitable prosperity.

The initiative is aligned with constitutional ideals under the Directive Principles of State Policy (DPSPs)—especially Article 38 (social order for welfare) and Article 39 (economic justice and opportunity). However, realizing this vision will require overcoming deep-rooted economic, social, and institutional challenges.


Key Pillars of the Economic Roadmap

1. High and Inclusive Economic Growth

  • Target: $30 trillion economy by 2047 (from $3.7 trillion in 2025)

  • Focus on double-digit GDP growth sustained over decades

  • Sectoral emphasis on manufacturing, services, and digital economy

2. Infrastructure Modernization

  • Expansion of logistics corridors, smart cities, port-led development (Sagarmala), and high-speed rail

  • Execution through schemes like PM Gati Shakti and National Infrastructure Pipeline (NIP)

3. Technological Leadership

  • Promotion of AI, semiconductors, quantum computing, and biotech

  • India as a global innovation and R&D hub

  • Skilling through Digital India, Skill India, and National Education Policy (NEP) 2020

4. Green and Sustainable Development

  • Alignment with Panchamrit goals from COP26

  • Transition to net-zero by 2070

  • Boost to green hydrogen, renewables, electric mobility, and circular economy

5. Financial Sector Reforms

  • Deepening of capital markets

  • Financial inclusion through Jan Dhan-Aadhaar-Mobile (JAM) Trinity

  • Development of digital finance and CBDCs (central bank digital currencies)

6. Social and Human Capital Development

  • Quality education, universal health coverage, and nutrition

  • Reduction of regional and gender disparities

  • Uplifting marginalized communities in line with constitutional equality mandates


Major Challenges on the Path to Viksit Bharat

1. Demographic Dividend vs Employment Crisis

  • India has the world’s largest youth population, but faces high unemployment and jobless growth

  • Need for labour-intensive manufacturing and gig economy regulation

2. Income Inequality and Regional Imbalances

  • Rising inequality, especially between urban vs rural, north vs south

  • Constitutional directive under Article 38(2) urges reduction of such disparities

3. Low R&D Investment

  • India spends only 0.7% of GDP on R&D compared to 2–4% in developed nations

  • Innovation gap affects tech competitiveness

4. Fiscal Constraints

  • Limited tax base (only ~6 crore people pay income tax)

  • Need for tax reforms and better public expenditure efficiency

5. Climate Vulnerability

  • India is highly vulnerable to climate shocks, floods, and heatwaves

  • Balancing growth with sustainability remains a tightrope walk

6. Governance and Policy Continuity

  • Bureaucratic red tape, weak local governance, and policy flip-flops deter investment

  • Urgent need for civil service reforms, cooperative federalism, and evidence-based policymaking


Contemporary Debates

A. Growth vs Redistribution

  • Should India focus on accelerated wealth creation or aggressive redistribution?

  • Critics argue that GDP growth alone won't ensure welfare unless health, education, and social justice are prioritized.

B. Private Sector vs State-led Development

  • Can India rely on private capital and startups alone to drive innovation?

  • Role of the state remains crucial in infrastructure, healthcare, and education provisioning.

C. Federalism and Regional Aspirations

  • Southern states feel penalized by population-based devolution of taxes (15th Finance Commission)

  • Debate over balancing national vision with state-level autonomy


Constitutional Anchoring

  • Preamble: Justice (economic, social), equality, dignity of the individual

  • DPSPs:

    • Article 38: Promote welfare state

    • Article 39(b): Equitable distribution of material resources

    • Article 41: Right to work, education, and public assistance

    • Article 43: Living wage, decent standard of life for all workers

The vision of Viksit Bharat @2047 must be interpreted not merely as economic growth, but as a commitment to these constitutional promises.


Forward Thinking: Policy Recommendations

  1. Skilling & Education Reform

    • Implement NEP fully, focus on STEM + vocational training

    • Digital infrastructure in rural areas

  2. SME & Startup Ecosystem Boost

    • Easier credit, simplified tax regime, and reduction in compliance burdens

  3. Agricultural Transformation

    • Shift to agri-value chains, food processing, and digital agriculture

  4. Sustainable Urbanization

    • Urban planning reforms, smart cities, green transport

  5. Global Value Chain Integration

    • Leverage FTAs (like with UAE, EU, Australia), production-linked incentives (PLIs)

  6. Strengthened Federalism

    • NITI Aayog and Inter-State Council must enable cooperative federal governance


Conclusion

“Viksit Bharat @2047” is more than a slogan—it is a national mission. It envisions an India that is economically prosperous, socially inclusive, technologically advanced, and ecologically sustainable.

To succeed, India must bridge the gap between aspiration and action, guided by constitutional values, empowered institutions, and citizen-centric governance. The road to 2047 will not be easy, but with the right choices, India can truly emerge as a Vishwa Guru (global leader)