Journey towards Viksit Bharat: Progressing through Reforms

Over the last ten years, India has embarked on a defining agenda of reforms, government policies and initiatives that have transformed its economic growth journey and brought significant gains to its citizens. This was achieved in a holistic manner in an environment of global disruption, touching all aspects of the economy and society through landmark actions which promise to deliver benefits for years to come.

Growth & Development

India today is the fifth-largest economy in the world with a GDP of US$ 3.7 trillion and is expected to become the world’s third-largest economy in the next three years on the back of continued reforms. Its remarkable growth story is underscored by many comprehensive advancements that the country has made across a range of sectors, including healthcare, education and skill development, and technology, among many others.

With a growth rate pegged at 7.6% in 2023-24, India is expected to contribute over 16% to global growth as a ‘star performer’, according to the IMF.  The country’s resilience in the face of global economic shocks and a challenging global environment has been globally recognized and appreciated.

Going forward, India’s economic transformation towards a developed powerhouse critically hinges on a strategic roadmap that addresses key challenges while leveraging its immense potential. Central to this vision is the concept of all-round economic development and inclusive growth driven by innovation, infrastructure investments, sustainable actions and a continued focus on reforms.

India and the World

India holds a prominent position in the world arena, with growing economic prowess, as well as its diplomatic and soft power.

During its successful presidency of the G20 in 2023, India championed a vision to represent the voice of the Global South. India’s G20 theme “Vasudhaiva Kutumbakam” – One Earth-One Family-One Future aimed to create a robust future for the world.

India is increasingly globally oriented, being a part of critical plurilateral platforms such as the Quad, BRICS, IPEF, and others cementing its position globally. Its overseas engagements are treading into areas beyond just trade and investment, to include advanced and emerging technologies, climate change efforts and sustainable mobility, healthcare and life sciences, and so on.

Initiatives such as the India Middle East Europe Economic Corridor (IMEC), International Solar Alliance and Global Biofuels Alliance position it as an innovative and responsible member of the global comity.

Recent successes in digital public infrastructure and women-led development are also enabling India to take a lead role in the global economic commons. Its strong engagement in fintech and partnerships with many countries to support their digital financial services is yielding results for financial inclusion.

Employment and Livelihood

Gainful employment and job creation is one of the most critical levers for spurring economic growth and prosperity. As the most populous country in the world, India today enjoys a burgeoning workforce, 68% of whom belong to the working age group of 15-64.

With a significant proportion of its populace comprising of the youth demographic, India today finds itself at an advantageous space, with other major nations of the world faced with the challenges of labour shortages and ageing populations. With India’s demographic window expected to last over the next thirty years, this is an opportune time for India to potentially emerge as a key global provider of human resource.

CII Annual National Conference 2024

With a forward-looking perspective for India and Indian industry over the next two decades, The CII Annual National Conference 2024 on ‘Journey towards Viksit Bharat: Progressing through Reforms’ to be held in New Delhi on 17-18 May would collectively chart a path for India’s future as a developed economy in 2047.

Discussions will highlight the key milestones in India’s growth and developmental journey, deliberating on critical growth areas necessary to fulfill its aspiration of becoming a developed nation. The focus will also extend to India’s internal and external relations, reflecting on its rapid ascent to the top echelons of the global economy and its transformation into a leader of skilled talent worldwide.

The vision of Viksit Bharat or Developed India envisions a strong, resilient India that fosters innovation, job creation, and the entrepreneurial spirit.

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