By: Dr Mohan Kumar
KUALA LUMPUR, Aug 7 (Bernama) -- It is creditable that the Government of India has set for itself and the nation a crucial goal: that India should become Viksit Bharat by 2047, which would be the one hundredth year anniversary of India’s independence.
While there is general agreement that the term Viksit Bharat denotes a developed country, it is still necessary, for public policy purposes, to break the concept down to know what it entails. What follows is an attempt to do so.
A 10 trillion-dollar economy
While India can be legitimately proud of being the world’s fourth-largest economy in terms of Gross Domestic Product (GDP), the fact remains that, for a population approaching 1.5 billion, its current GDP of US$4.5 trillion is a little below par.
So, if India is to become “Viksit” in the real sense of the term, its GDP must grow significantly to attain at least US$10 trillion.
This is entirely achievable if we can do a couple of things.
First, 40 per cent of our GDP comes from foreign trade, so our share of international trade must simply double. In particular, our share of global exports, which hovers around two per cent, should rise to 10 per cent.
Second, our Foreign Direct Investment (FDI), which was a little short of US$100 billion in the latest year, must also grow manifold.
In order for the above two things to happen, the Government of India must carry out deep-seated economic reforms in areas such as land, labour, power, agriculture, infrastructure and regulatory obstacles.
Inclusive Economic Growth
While there is no question that the GDP growth must accelerate, as mentioned above, that alone is not enough.
Growth must be inclusive, which is to say that it must percolate to the downtrodden people at the bottom of the pyramid.
The Government has conceived excellent schemes such as the Pradhan Mantri Garib Kalyan Yojana.
But beyond that, job creation for the youth must become a national mantra for both the Central and State Governments.
Since it is not possible for the Government alone, or even the organised sector, to provide all the jobs that are necessary, it is vitally important to enable an ecosystem in which the youth become entrepreneurs and job creators rather than remain mere job seekers.
Current levels of economic inequality are unsustainable, and efforts must be made to create a more egalitarian society.
Skilling
It is well recognised that our education system relies heavily on rote learning and it churns out thousands of graduates every year who may not be immediately employable.
In this context, skilling and re-skilling graduates becomes crucial.
The idea of vocational training, industry-academic collaboration and imparting technological skills including Artificial Intelligence, among graduates must assume mission-mode importance.
Spending on education, in both the public and private sectors, must increase exponentially, especially in states that lag behind the national average.
In parallel, research and development must be given prime importance in all relevant institutions.
It is indeed true that a population of close to 1.5 billion can be a demographic dividend for India.
But this is true only if the population is sufficiently skilled to face the challenges of a knowledge economy.
Health
India’s healthcare system is undergoing a dramatic transformation, driven by digitalisation and infrastructure expansion.
However, challenges remain due to rising medical costs and a growing burden of chronic diseases.
The Government has undertaken significant initiatives such as the Ayushman Bharat and Ayushman Arogya Mandir schemes, which have made a major impact on healthcare delivery in the country.
Medical college seats have more than doubled since 2014 in an attempt to bridge the doctor-patient gap.
Successful efforts have also been made to promote India as a global hub for medical tourism.
Despite these achievements, serious challenges remain. Public spending on healthcare still lags behind desired levels.
India also runs the risk of becoming the global capital of heart disease and diabetes.
India therefore needs to continue its massive transformation of public health infrastructure to ensure that healthcare accessible, affordable and quality-driven for the vast majority of its population.
The National Health Mission is doing a commendable job. It simply needs to be strengthened and streamlined.
Sustainable Development
India must not emulate the ways of either the industrialised countries, which followed a high-carbon pathway to development, or China, which even today burns more coal than the rest of the world put together.
India is the only major economy today that potentially has the opportunity to follow a low-carbon pathway to a high-income economy based on sustainable development.
And India must do so not just because the world wants it to, but because the people of this country deserve it as a matter of right.
Viksit Bharat by 2047
India is indeed well positioned to become Viksit Bharat by 2047.
But the country needs to be on mission-mode and a whole-of-government approach is required to make sure that no stone is left unturned in this national endeavour.
By any reckoning, the next twenty years will be among the most crucial period in India’s history.
-- BERNAMA
Dr Mohan Kumar is a former Indian Ambassador to France and currently Dean/Professor at O.P. Jindal Global University.
(The views expressed in this article are those of the author(s) and do not reflect the official policy or position of BERNAMA)