India set to ascend as world's Third-largest economy: Niti Aayog CEO
India is poised to become the world's third-largest economy in the next few years, CEO of Niti Aayog, B.V.R. Subrahmanyam said following the governing council meeting on Saturday.
He emphasized that India is currently at a crucial take-off point, and Prime Minister Narendra Modi urged all stakeholders to seize the opportunities presented, highlighting that the vision of a developed India, known as 'Viksit Bharat,' is not limited to an individual or a small group but is a collective vision that must be embraced and realized by the nation.
Speaking to the media after the eighth governing council meeting of Niti Aayog, Subrahmanyam said, "The theme of the meeting was Viksit Bharat. It was chosen because India needs to prepare for the next 25 years, during which we aim to become a developed nation. Viksit Bharat is particularly significant at this point because India is at a take-off moment."
He further noted, "India is not only the largest country by population but also the fifth-largest economy. However, in a couple of years, we are projected to climb to the third position."
Subrahmanyam highlighted the demographic advantage that India possesses, both in terms of the total population and the number of young individuals. He stated that in a few years, India is expected to account for approximately 20 percent of the world's working-age population, with a significant number of people in the age range of 28-29. This presents a unique opportunity for India to utilize its workforce effectively.
"The time has come for India to capitalize on these opportunities. Countries that reach a certain level of development often experience a period of rapid sustained high-speed growth if the right measures are taken. We have a 20-25 year timeframe where, if we make the correct choices, the country can achieve its aspirational goals," the CEO of Niti Aayog explained.
He also highlighted the digital advancements taking place in India and how the world views the country with admiration. Prime Minister Modi acknowledged the remarkable progress made in the digital arena, stating that India's activities in this realm are truly impressive and attract global attention.
"The entire world is looking at India, as the Prime Minister mentioned. He encouraged all Chief Ministers to seize the opportunities available. He also emphasized the relevance of Viksit Bharat to the states, as most of the actions required to achieve this vision lie within their domain, whether it be in industries, water supply, electricity, healthcare, or education. This is where Niti Aayog plays a pivotal role," added Subrahmanyam.
During his opening remarks, Prime Minister Modi emphasized the collective responsibility of everyone present to fulfill the aspirations of India's 1.4 billion people. He stressed the need for a common vision and strategy. The Prime Minister also commended the successful collaboration between the central government and the states in various programs, such as the aspirational district program, which has uplifted 112 previously underdeveloped districts.
The governing council meeting covered several key items on the agenda, including the focus on transforming India into a developed nation by 2047, the emphasis on micro, small, and medium enterprises (MSMEs), infrastructure and investments, streamlining compliance procedures, empowering women, improving healthcare and nutrition, skill development, and Gati Shakti for regional development and social infrastructure.
The CEO also mentioned that 11 Chief Ministers were unable to attend the meeting, but their written speeches were taken into account during policy formulation. (Edited)