India’s Mission 2047: How India aims to become a developed economy – high speed expressways, electric mobility, digital payments & more

India’s Mission 2047 to be a developed economy: India is setting ambitious goals to transform into a developed economy by 2047, focusing on electric mobility, digital payments, and high-speed expressways, according to officials. Central ministries will soon outline five-year budget plans for better financial management.
According to an ET report, the initiatives include producer responsibilities, recycling centers, soil surveys, youth skilling, and increased manufacturing with lower emissions.Initiatives such as extended producer responsibilities for products like cars, establishment of recycling centers for electronic waste, comprehensive soil surveys, efforts to boost agricultural productivity, skill development for youth, expedited production from auctioned mines, thorough assessment of Indian geology, and increased manufacturing output with reduced emission levels are among the priorities.

The main aim is to enhance economic growth, job creation, social progress, and environmental sustainability. Ministries are engaging in public consultations for Vision 2047 and short-term goals.
Some measures may be implemented in the first 100 days of the new government. Inter-ministerial meetings have begun to define these goals. According to a government official, the first inter-ministerial meeting to outline objectives for this initiative took place in the latter half of March 2024.
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The Viksit Bharat@2047 initiative, launched by PM Narendra Modi in December 2023, aims to make India developed by 2047 – by its 100th year of independence. Long-term spending projections will cover capital expenditure, subsidies, and incentives.
Officials revealed that the initiative aims to outline projected expenditures associated with these measures in the long run, including long-term capital spending plans, subsidies, production-linked incentives (PLIs), and policy-based incentives.
Additionally, future incentives or extensions of existing ones must be clearly outlined in advance, along with defined and monitored measurable outcomes aligned with the 2047 targets.
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Finance Minister Nirmala Sitharaman announced in her February budget speech that a detailed roadmap for Viksit Bharat will be presented by the government in July.
According to estimates by Niti Aayog, India’s economy is expected to surge to $30 trillion by 2047, a significant increase from the current $4 trillion.