New Delhi: The NITI Aayog has advised that if the country has to develop by 2047, it needs to free itself from the middle-income trap and carefully plan measures for it. After holding a meeting of the Governing Council on Saturday, the Commission released a vision document titled 'Vision for Developed India at 2047, An Approach Paper' on Sunday.
The paper outlines the steps India needs to take to move into a higher manufacturing group. To achieve this goal, it will need to raise $18,000 per year.
The current $3.36 -trillion economy will need to grow nine-fold and the current $2,392-a-year per capita income eight-fold, the paper said. To move from the current middle income group to the high income group, India needs to maintain a sustainable growth rate of 7-10% for the next 20-30 years. The Commission warns that very few countries have been able to achieve this feat. Countries with a per capita annual income of $14,005 in 2023 are considered by the World Bank to be in the high-income group.
Essential characteristics of a developed India
Explaining the definition of developed India, the Commission has said that such an India will have all the characteristics of developed countries, including per capita income. The social, cultural, technological and institutional characteristics will be different from those of developed countries. At the same time, the rich heritage and ability to work on the front of knowledge will also be the attributes.