It is a stated target that by 2047, Bharat should become a fully developed nation with nearly full employment rate. Concerted efforts resulting in a stable job market and reduced unemployment rates are being made through innovative policies and strategic investments , which have fostered employment opportunities across emerging sectors such as renewable energy, biotechnology, and advanced manufacturing .Initiatives like Skill India , Start Up India, Make in India etc. along with various policies and schemes to boost manufacturing, trade and entrepreneurship has helped in equipping the workforce with relevant skills and fostering entrepreneurial spirit.
However, still the challenges lie in providing meaningful employment matching the skill sets with opportunities and remuneration, shift from the mindset and ecosystem of ‘Job Seekers to Job Providers’, increasing the female participation and equal opportunity in employment, migration neutral employment creation, fostering a Swadeshi approach of employment. The working group will develop scenarios for 2047 based on these issues
Bharat, once the wealthiest nation due to its rich resources and production, suffered significant economic decline due to successive invasions and Colonial exploitation – it lost $45 trillion to British rulers between 1851 and 1935. To reclaim its status as an economic power, Bharat must diversify beyond traditional sectors like manufacturing, agriculture, and services. With a vast pool of young talent, Bharat can drive growth while preserving the environment and ethical practices. Unlike nations like Brazil and Saudi Arabia, which have prospered from single sector, Bharat needs to harness all available resources and sectors to achieve sustainable economic growth.
There are several favourable factors which can boost its economy and employment – it has a demographic dividend with a large, young workforce, stable central and state governments, social harmony, and a robust democratic framework.
The manufacturing sector is experiencing a revival, supported by initiatives like Make in Bharat and Production Linked Incentives (PLI) scheme, attracting global companies like Amazon, Foxconn, Starlink, Tesla, and BMW.
These firms are keen to invest and operate in Bharat, leveraging its technological and financial capabilities.
The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) are thriving, with record high indices indicating ample financial resources. Bharat has access to cutting-edge technologies across various sectors, including solar panels, semiconductors, mobile markets, and space exploration. Infrastructure development is progressing rapidly, and the ease of doing business has significantly improved – Bharat’s ranking rose from 142 in 2014 to 63 in 2022. These factors collectively set the stage for substantial economic growth and industrial expansion.
Innovative strategies
Some economists advocate protecting Bharat’s domestic industries from being overtaken by multinational corporations, stating that Bharat’s large domestic market should be leveraged to its strategic advantage. With 18 per cent of the global population and the second-largest position in Purchasing Power Parity (PPP), Bharat’s consumer base is a significant asset that can be used to negotiate better terms with international firms.
Significantly, the funds held by the top 12 major temples exceed the GDP of Sri Lanka and account for one-third of Pakistan’s GDP. These funds can be used for the development of nation – enhancing healthcare facilities, and strengthening education, including health education would create employment and boost growth. This in turn will bolster Bharat’s economic development as also safeguard its domestic industry and leverage its large market for strategic gains.
Over the past 50-60 years, several talented students from institutions like IITs and IIMs moved to the US, Europe, and other countries, and contributed to wealth creation in these countries, ably supported by superior infrastructure, policies, and opportunities available. It was lack of such resources in Bharat at the time which caused this migration.
Today, India has undergone a remarkable transformation. It boasts of world-class infrastructure, including over 6,000km of new National Highways and the launch of more than 50 new metro systems across various cities. Also, Bharat has a robust digital connectivity – it is one of the largest WiFi networks in the world with over 1.2 billion mobile subscribers.
Economic growth and stability
Bharat’s economic growth continues to show impressive momentum, positioning it as the world’s fifth-largest economy in 2024, with a GDP of approximately USD 3.7 trillion. The country has experienced robust economic reforms in the last one decade, propelling its growth and enhancing its resilience against global shocks. Looking ahead, Bharat is on track to become the world’s third-largest economy, with a GDP of USD 5 trillion by 2026, and potentially USD 7 trillion by 2030. This growth is supported by strong domestic demand, private sector involvement, and continued structural reforms.
Bharat’s geopolitical influence has also grown, as evidenced by its presidency of the G20 in 2023 and initiatives like the Global Biofuel Alliance and the Global Initiative on Digital. Despite global economic challenges, Bharat’s economy is expected to remain resilient, with potential growth rates above seven per cent annually.
