Dr. Arvind Kumar*
Since its independence India has embarked on a remarkable journey of transformation. From being a newly sovereign nation emerging from the shadows of colonial rule to becoming one of the fastest-growing major economies in the world, India’s progress over the past 78 years is a testament to its resilience, diversity, and vision for the future. Nevertheless, it stands at a crossroads, facing a dynamic blend of opportunities and challenges that will shape its future. The road ahead is filled with both potential and hurdles that will require strategic planning, inclusive policies, and sustainable development. As we move deeper into the 21st century, the next decade promises to be a critical period for the country’s development. With a burgeoning population, rapid technological advancements, and evolving geopolitical dynamics, the decisions and policies implemented in the coming years will play a decisive role in shaping its trajectory towards becoming a global leader and Viksit Bharat. The focus on green technologies, sustainable agriculture, and the circular economy will be key in achieving long-term prosperity and environmental sustainability.
Moody’s maintained its GDP growth forecast for India at 6.8% for 2024. Government has set an ambitious target to become a $5 trillion economy in the near future and developed country by 2047, the 100th year of independence. Prime Minister Sh. Narendra Modiji in his Independence Day speech spoke about how Viksit Bharat 2047 are not mere words; they are reflections of the resolve and dreams of 140 crore people. Achieving this goal will require sustained economic growth, bolstered by increased investments in infrastructure, manufacturing, and services. As per World Bank by 2036, India will need to invest $840 billion in infrastructure – an average of $55 billion or 1.2 percent of GDP per annum.
Its strategic geographic location, large market, and growing middle class make it an attractive destination for foreign direct investment. However, are we able to capitalize on these advantages, to strengthen the country’s position as a global economic powerhouse? This growth must be inclusive, ensuring that the benefits are distributed across all sections of society, particularly the marginalized and rural populations.
How equipped are we as an economy to achieve this target?
How skilled is our youth to fully harness the potential of the demographic dividend?
Sowing the current dividends for future
Despite impressive economic growth, income inequality and poverty remain significant challenges in India. Addressing these disparities requires targeted social policies, inclusive economic growth, and improved access to education and healthcare for all citizens. The widening gap not only threatens social cohesion but also hampers economic growth. The COVID-19 pandemic exposed the vulnerabilities in India’s healthcare system. While the country made significant strides in vaccine development and distribution, the pandemic highlighted gaps in healthcare infrastructure, access, and quality.
Environmental degradation poses a serious threat to India’s sustainable development. Rapid urbanization, industrialization, and deforestation have led to air and water pollution, loss of biodiversity, and increased vulnerability to climate change. The impacts of climate change, such as rising temperatures, changing rainfall patterns, and extreme weather events, are already being felt across the country. In today’s world all prospects of a country are closely tied to its ability to lead in technology and innovation.
With a young, tech-savvy population, India has the potential to become a global hub for technological advancements. The rapid growth of startups in sectors such as fintech, healthtech, and edtech, combined with digital inclusion, is creating a fertile environment for innovation. Focus on emerging technologies like artificial intelligence (AI), blockchain,5G, investing in research and development (R&D) and fostering a culture of innovation drive economic growth, improve public services, and enhance global competitiveness.
India’s infrastructure needs are vast, and addressing the deficit is critical for sustaining economic growth. Investment in transportation, energy, water supply, and urban infrastructure is necessary to support the growing population and economy. Public-private partnerships, innovative financing models, and efficient project execution are required to bridge the infrastructure gap and improve the quality of life for millions of Indians. Improving infrastructure not only boosts economic growth but also enhances connectivity, reduces regional disparities, and improves access to essential services. promoting education, vocational training, and entrepreneurship, India can create a generation of skilled workers and innovators who will drive the country’s economic growth.
Investing in human capital is critical for India’s future growth. Education and healthcare are key areas that require significant attention. Improving access to quality education, especially in rural areas, and ensuring that the workforce is equipped with the necessary skills for the 21st century is essential for harnessing India’s demographic dividend. Strengthening public health systems, increasing healthcare spending, and addressing disparities in healthcare access, particularly in rural areas, are crucial for improving the overall health and well-being of the population. Investing in healthcare infrastructure, expanding insurance coverage, and ensuring the availability of essential medicines and services are necessary to build a robust and resilient healthcare system. Balancing economic growth with environmental sustainability is critical for India’s future. The implementation of stricter environmental regulations, promotion of green technologies, and adoption of sustainable practices across industries are essential to mitigate these challenges and ensure long-term prosperity.
Way Forward
By implementing policies that promote income redistribution and social mobility, India can create a more equitable society where everyone has the opportunity to prosper. Promoting inclusive governance, protecting minority rights, and fostering dialogue across different communities are essential for maintaining social harmony. As a rising global power, India has the opportunity to play a more prominent role in global governance. Advocating for reforms in international institutions and promoting peace and stability in its neighbourhood, India can shape the global agenda. India stands as a key player in global politics, balancing strategic partnerships while advocating for multilateralism. As a leader in the Global South, it champions issues like climate change, global health, and sustainable development, asserting its influence in international forums like the UN and G20. India’s leadership these forums can enhance its influence on the world stage and promote a more equitable and inclusive global order.
*Editor, Focus Global Reporter
