India has set ambitious economic goals for the year 2047, aiming to achieve a GDP of US$30 trillion and a GDP per capita of US$18,000. This target is significant as it would elevate India to the status of a developed economy, marking the centenary of its independence.
Currently, India boasts the world's fifth-largest GDP and is recognized as the fastest-growing major economy. This remarkable growth trajectory enhances India's stature on the global economic stage, making it a key player in international markets.
One of India's crucial strengths lies in its demographic profile. Approximately 68% of the population falls within the working age group of 15 to 64 years, a significant advantage for driving economic growth and development in the coming decades.
While India aspires to realize its economic ambitions, it faces several challenges. A primary hurdle is the transition from an agriculture-dominated economy to one that integrates manufacturing and high-end services more effectively. Additionally, addressing the underutilization of its large workforce, particularly in low-skilled jobs, is vital for sustainable growth.
Enhancing the manufacturing sector is essential for India to fully leverage its demographic advantage. A shift in economic contribution away from primarily agriculture and services towards manufacturing is critical. This sectoral change not only fosters sustainable growth but also provides employment opportunities for the vast pool of low-skilled labor.
International trade plays a pivotal role in India's economic strategy for global market integration. Recent free trade agreements (FTAs) indicate a shift towards more open economic policies. However, India needs to pursue larger multilateral trade agreements and strategically adjust trade policies to strengthen its global economic position.
If India fails to adapt its economic policies, it risks exacerbating social inequality and potential unrest due to insufficient employment opportunities. Such scenarios could stifle economic growth and diminish India's global influence, adversely affecting its aspirations of becoming a great power.
By capitalizing on its vast market potential and demographic advantages, India can enhance its influence in the Asia-Pacific region and beyond. Adjusting economic policies to foster inclusive growth and international cooperation will be crucial. These strategic considerations will shape India's path toward becoming a global leader and achieving its ambitious economic milestones set by its leaders.
Q1. What is India's GDP target for 2047?
Answer: India aims for a GDP of US$30 trillion by 2047, marking a significant step towards becoming a developed economy.
Q2. How does India's workforce profile support its economy?
Answer: With 68% of its population in the working age, India has a strong demographic advantage that can drive economic growth.
Q3. What are the main challenges India faces in economic development?
Answer: Key challenges include transitioning from agriculture to manufacturing and addressing workforce underutilization, especially in low-skilled jobs.
Q4. Why is manufacturing important for India's economic future?
Answer: Strengthening manufacturing is essential for job creation and sustainable growth, helping to balance the economy away from agriculture and services.
Q5. What role does international trade play in India's economy?
Answer: International trade is crucial for India's economic integration, with recent FTAs promoting more open policies and enhancing its global position.
Question 1: What is the GDP target for India by 2047?
A) US$20 trillion
B) US$30 trillion
C) US$25 trillion
D) US$35 trillion
Correct Answer: B
Question 2: What percentage of India's population is of working age?
A) 50%
B) 68%
C) 75%
D) 60%
Correct Answer: B
Question 3: What is a major challenge for India's economy?
A) High literacy rates
B) Transitioning from agriculture
C) Overpopulation
D) Low international trade
Correct Answer: B
Question 4: Why is enhancing the manufacturing sector crucial for India?
A) To increase agricultural output
B) To provide low-skilled jobs
C) To reduce reliance on services
D) Both B and C
Correct Answer: D
Question 5: How does international trade benefit India?
A) By limiting imports
B) By enhancing global market integration
C) By reducing exports
D) By increasing tariffs
Correct Answer: B
Question 6: What risk does India face if it does not adapt its economic policies?
A) Increased social equality
B) Decreased employment opportunities
C) Improved global influence
D) Enhanced manufacturing sector
Correct Answer: B
Question 7: What is a key demographic advantage of India?
A) High unemployment rates
B) Large working-age population
C) Aging population
D) Low birth rates
Correct Answer: B
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