India as a Developed Country by 2047: Four Key Priorities
STORIES, ANALYSES, EXPERT VIEWS
The government vision of a ‘Viksit Bharat’ (Developed Country) by 2047 calls for all stakeholders to work in cohesion. The Federation of Indian Chambers of Commerce and Industry (FICCI) outlines four key priorities for the year that align with the goals of ‘Viksit Bharat’.
Make in India
For India to emerge as a global manufacturing hub and a ‘product nation,’ Anish Shah (President, FICCI) writes “domestic manufacturing must undergo a significant transformation. Our aim should be to increase the global share in manufacturing from the current 3.1% to 12%, requiring a 16-fold growth in manufacturing GDP. To achieve this, we must position India as a high-quality producer, achieve scale, and localise innovation. Industry leaders can play a pivotal role in upgrading India’s quality testing infrastructure. Large companies should mentor MSMEs, particularly those in their value chains, by organising training programmes and facilitating exposure to new technologies and production processes through ‘go and see’ visits.
“We must also strive for global leadership in Industry 4.0 technologies and self-reliance in strategic sectors. A comprehensive plan covering the entire value chain—from design to manufacturing—is essential, especially in high-tech areas like defence, electronics, and semiconductors.”
Scaling up R&D investments “is crucial to establishing India as a leading innovation hub.”
Women led development
Shah says “we should target a 45-50% labour force participation rate for women. The focus should be on enhancing women’s employability in manufacturing roles by collaborating with ITIs, leveraging digital platforms for skill development, and promoting equal pay for equal work….”
Farm Prosperity
Structural reforms in agriculture are essential. “We need to increase farm productivity, boost farmers’ incomes, reduce food wastage, and ensure agricultural sustainability.
“An efficient farm-to-fork ecosystem is crucial for self-reliance and addressing food inflation. Through collaborative efforts and public-private partnerships, India can enhance mechanisation from 40% to 60%, develop over 100 horticulture clusters, double agricultural exports, and improve water efficiency from 38% to 60% in the next five to six years.”
By “leveraging digital and AI solutions, agri-tech start-ups can enhance productivity through optimal use of resources.”
Sustainability
With a net-zero target set for 2070, Shah writes “we must aim to reduce CO2 emission intensity by 80-90% by 2047. The industry should collaborate with the government to create pathways for green transitions across all sectors…”
