India aims to achieve a GDP of US$30 trillion and a GDP per capita of US$18,000 by 2047, a target that would categorize it as a developed economy, aligning with the centenary of its independence.
2. How does India’s economy compare globally?
India currently has the world’s fifth-largest GDP and is noted as the fastest growing major economy. This rapid growth enhances its stature on the global economic stage.
3. What demographic advantages does India possess?
India benefits from a strong demographic profile, with 68% of its population being of working age (between 15 and 64 years). This is a critical asset in driving economic growth and development.
4. What challenges does India face in achieving its economic ambitions?
Key challenges include transitioning from an agriculture-dominated economy to one that better integrates manufacturing and high-end services. Addressing the underutilization of its large workforce, particularly in low-skilled jobs, is also crucial.
5. How important is manufacturing to India’s economic strategy?
Increasing the role of manufacturing is essential for India to fully utilize its demographic advantage and shift the economic contribution away from primarily agriculture and services. This sectoral shift is necessary for sustainable growth and to provide employment to its large pool of low-skilled labor.
6. What role does international trade play in India’s economic strategy?
International trade is pivotal for India’s economic integration into the global market. Recent free trade agreements (FTAs) signal a move toward more open economic policies, but larger multilateral trade agreements and a strategic shift in trade policies are needed to enhance India’s economic position globally.
7. What risks does India face if it fails to adapt its economic policies?
If India does not adapt its economic strategies, it risks facing increased social inequality and potential social unrest due to inadequate employment opportunities. This could also hinder its economic growth and global influence, impacting its status as a great power.
8. How could India leverage its economic and geopolitical circumstances?
By capitalizing on its large market potential and demographic advantages, and by adjusting its economic policies to foster more inclusive growth and international cooperation, India can enhance its influence in the Asia Pacific region and beyond.
These strategic considerations will determine India’s trajectory towards becoming a global leader and achieving the ambitious economic milestones set by its leaders.
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