Union Finance Minister Nirmala Sitharaman on Tuesday underscored that India’s journey towards becoming a developed nation by 2047 must be anchored in inclusive growth, large-scale skilling, and strong institutional frameworks.
Speaking at a “Viksit Bharat – Vision for 2047” event, she emphasised that economic progress must benefit every section of society and extend beyond urban centres.
Inclusive Growth as the Foundation
Sitharaman stressed that development must be broad-based and participatory, ensuring that communities across rural and semi-urban India are actively included. She noted that growth should not be limited to headline economic figures but must translate into tangible improvements in people’s lives, especially for first-generation learners and underserved populations.
She described the vision of a developed India as a collective effort, requiring collaboration among governments, industries, academia, entrepreneurs, and citizens.
Viksit Bharat as a National Partnership
Highlighting the shared responsibility in achieving the Viksit Bharat 2047 goal, Sitharaman said the government’s role is to create enabling platforms, while innovation, discipline, and participation from citizens will drive long-term success.
She added that India’s democratic and pluralistic identity positions it as a bridge between global regions, strengthening its role as a trusted international partner.
Avoiding the Middle-Income Trap
The Finance Minister cautioned that India stands at a critical juncture as it approaches its centenary of Independence. She outlined the choice between continuing a conventional growth path or pursuing a more ambitious trajectory to avoid the “middle-income trap.”
She emphasised that while India is currently one of the fastest-growing major economies, sustained efforts are needed to ensure long-term, equitable progress.
Skilling and Education as Growth Drivers
Sitharaman highlighted the importance of investing in education, skills, and employability to fully leverage India’s demographic dividend. She called for stronger alignment between educational institutions and industry requirements, along with expanded access to professional training and continuous upskilling.
Special emphasis was placed on supporting first-generation entrepreneurs and enabling youth to participate meaningfully in the economy.
Focus on Grassroots and Traditional Sectors
The minister noted that achieving a developed India requires strengthening grassroots communities, including farmers, artisans, and small enterprises. She advocated for better access to technology, training, and markets to enhance productivity and job creation in traditional sectors.
She reiterated that economic growth should be measured not just by GDP but by improvements in quality of life, including access to education, healthcare, and clean environments.
Global Role and Economic Strength
Sitharaman emphasised that economic strength is crucial for India’s strategic autonomy in a rapidly evolving global landscape. She called for expansion in manufacturing, services, and exports, along with deeper integration into global value chains.
According to her, innovation, capacity-building, and regional development will play a central role in positioning India as a global economic leader.
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