India aims for a $30 trillion economy

India aims for a $30 trillion economy
India aspires to evolve into a $30 trillion economy with a per capita income of $18,000 by the year 2047, as outlined in the approach paper titled 'Vision for Viksit Bharat @ 2047' released by NITI Aayog. This vision emphasizes the importance of steering clear of the Middle-Income trap while diligently working towards advancement. To achieve the status of a developed nation, India must aim for a GDP growth that is ninefold from its current $3.36 trillion and an increase in per capita income that is eightfold from the present $2,392 per annum. The paper highlights that transitioning from a middle-income to a high-income economy necessitates sustained growth rates of 7-10 percent over two to three decades—a feat accomplished by only a handful of nations. The concept of Vikshit Bharat embodies a nation that possesses all characteristics of a developed country, with a per capita income that rivals today’s high-income nations. It envisions India as a country enriched with social, cultural, technological, and institutional attributes that signify its development and heritage, while also being equipped to operate at the forefront of global knowledge. According to the World Bank, high-income countries are defined as those with an annual per capita income exceeding $14,005 (as of 2023). India aims to reach this high-income status by the centenary of its independence in 2047. The approach paper emphasizes the need for enhancing capabilities in manufacturing and logistics while addressing the disparities between rural and urban incomes as critical structural challenges for the nation.