INDIA @ 2047: PROSPECTS AND CHALLENGES OF BECOMING A DEVELOPED NATION

Abstract

The desire of India to become a developed nation by the centenary year of its independence in 2047, also known as Viksit Bharat 2047 is a radical and holistic national program. This study discusses the opportunities and issues that come with the India development into a developed nation as it relates to the major economic, social, technological, environmental, and governance aspects. The paper will examine the growth prospects of India which are brought about by demographic dividend, digital transformation, entrepreneurship based on innovation, expansion of infrastructure, and policy measures like inclusion based financial system and modernization of industry. The paper also on a critical basis examines the structural and institutional issues that might hinder such a transition, such as income inequality, job creation, skills mismatches, quality education and health, environmental sustainability, urban-rural inequalities, and effective governance. The research employs descriptive and analytical research approach and relies on secondary sources of data in the form of government reports, global development indices and policy reports to determine the current situation of India against that of the developed economies. The results indicate that though India has good macroeconomic fundamentals and strategic advantages, high growth, improvement of human capital, technological improvement, green development channels, and reactive governance reforms would still be needed to help India become a developed nation by 2047. The paper ends with a conclusion of the strategic policy measures, and integrated development framework that can help India fill the existing gaps and speed up the process of inclusive and sustainable development.