Is India on Track to Become a Developed Economy by 2047?

New Delhi, Aug 14 (NationPress) President Droupadi Murmu declared that India's comprehensive economic growth, enhanced by social sector initiatives, has positioned the nation towards achieving developed economy status by 2047.

In her address to the nation on the eve of the 79th Independence Day, the President emphasized that India has become the world’s fastest-growing major economy, boasting a GDP growth rate of 6.5 percent in the previous fiscal year. In this Digital Age, the country has witnessed remarkable advancements in the information technology sector.

She noted that despite challenges in the global economy, domestic demand continues to surge. “Inflation is under control. Exports are on the rise. All key indicators reveal a robust economy,” she stated. This success is attributed to a combination of carefully devised reforms and the dedication of our workers and farmers.

According to the President, good governance has lifted many out of poverty. The government has initiated various welfare programs aimed at assisting not only the impoverished but also those who, while above the poverty line, remain vulnerable. This commitment is evident in the increasing investment in social services.

Highlighting the achievements in the IT sector, she remarked that nearly every village in India has access to 4G mobile connectivity, with remaining areas to be connected soon. This infrastructure has facilitated a vast adoption of digital payment technologies, where India has risen to global leadership in a short period.

Additionally, it has bolstered the Direct Benefit Transfer scheme, ensuring that welfare benefits reach the intended recipients without interference. Over half of the world's digital transactions occur in India. These advancements have fostered a dynamic digital economy, which is consistently contributing more to the nation's GDP, she observed.

Looking forward, she indicated that Artificial Intelligence represents the next phase of technological evolution and has already permeated our daily lives. The government has initiated the India-AI mission to bolster the nation’s capabilities and develop AI models tailored to India’s unique needs. “As we strive to become a global AI hub by 2047, our focus will remain on leveraging technology to enhance the lives of the common people,” she asserted.

The President also noted that income inequality is diminishing, and regional disparities are lessening. States that previously struggled economically are now realizing their true potential and are catching up with leading regions.

Moreover, she emphasized the swift progress in infrastructure that has eliminated obstacles in wealth creation for small and medium enterprises and traders.

“In the last decade, we have expanded and fortified the National Highway network under the Bharatmala Pariyojana. The Railways have also innovated, introducing cutting-edge trains and coaches. The new railway link in the Kashmir Valley is a significant achievement, enhancing trade and tourism in the region and unlocking new economic opportunities. This engineering feat in Kashmir marks a historic milestone for our country,” she noted.

She further pointed out that as the nation urbanizes rapidly, the government is focusing on improving urban living conditions. In terms of urban transport, the expansion of Metro Rail services has multiplied over the past decade. The Atal Mission for Rejuvenation and Urban Transformation (AMRUT) has ensured that more households have access to clean water and sewerage connections.

Stating that the government views basic amenities as the rightful claims of citizens, she highlighted the progress of the Jal Jeevan Mission, which aims to provide tap water supply to rural households. “In healthcare, we are witnessing a paradigm shift thanks to various initiatives under Ayushman Bharat, the largest healthcare scheme globally,” she mentioned.

To enhance the welfare of the common people, there is a balanced emphasis on both improving the ease of doing business and enhancing the ease of living. Development is meaningful only when it uplifts those at the margins and creates new opportunities for them. Furthermore, we are striving for greater self-reliance across various sectors, which has bolstered our confidence and accelerated our journey towards becoming Viksit Bharat, President Murmu concluded.