Since independence in 1947, our beloved Bharat has journeyed through a remarkable growth story. Prime Minister Narendra Modi, in his recent address to the nation, emphasized our potential to become a developed nation (Viksit Bharat) by 2047, our centenary year. I believe that this vision is not just a distant dream but an achievable reality. Let’s explore the path to achieve this vision, focusing on collaborative efforts by states, technological advancements (in areas like AI, ML, IoT), and strategic policy development.
The world around us is changing at a pace we’ve never seen before. Data, often called the new oil, holds immense value. The key lies in our ability to extract and interpret this data, turning it into actionable insights.
A Comparative Look
Bharat’s economic story in 1947 began with a slight edge over China. However, by the 1980s, both countries found themselves on a relatively equal footing, their growth rates hovering around a similar range. China, under Deng Xiaoping, embarked on a series of bold reforms. They embraced technological advancements, opened their doors to foreign investment, and transitioned from a centrally planned economy to a market-oriented one. This unleashed a wave of innovation and fueled rapid economic growth. Today, China stands as the world’s second-largest economy, leaving Bharat playing catch-up. China’s economic boom offers valuable insights for us.
According to the World Bank’s World Development Indicators database, China’s GDP in 2023 was approximately $17.7 trillion. China grew by more than 10 per cent in 22 years (During 1961-1922) with highest GDP 19.3 per cent in 1970. In contrast, our Bharat’s GDP currently stands at around $3.9 trillion. All time high is 9.63% in 1988. To surpass China by 2047, we need a sustained high GDP growth rate. Here’s where PM Modi’s vision of an 8-10 per cent annual growth rate becomes crucial. Sri Harivansh ji, Deputy Speaker of Rajya Sabha, in his interview with Dr. Gautam Choubey in Likhawat also expressed his view about it and said if Bharat grows with 13.5 % continuously for 23 years, then we will become a powerful nation.
It is possible only when we adopt technological advancements like AI, ML and IoT. In the next 4-5 years, AI going to change the face of the world. However, there’s a silver lining in this story. As Dr. Fei-Fei Li, the renowned computer scientist and pioneer in deep learning, aptly states, “The goal of AI is not to replace humans, but to assist us in building a better world.” This quote perfectly encapsulates the opportunity Bharat has before it. Unlike in the past, Bharat now has access to cutting-edge AI technology that China may have used to its advantage. By leveraging AI for upskilling its massive workforce, Bharat can bridge the innovation gap and propel itself towards a future of unprecedented economic growth. Imagine a scenario where AI tutors personalize learning for every student, or AI-powered automation streamlines manufacturing processes in Bharatn factories. With the strategic implementation of AI, Bharat has the potential to not just catch up to China, but to potentially rewrite its economic narrative and become a global leader by 2047. This is a future brimming with possibilities, one where AI becomes the bridge that carries Bharat towards a brighter economic tomorrow.
Economists, like Professor Ravi Kumar at the Bharatn Institute of Management, predict that with this growth rate, Bharat’s GDP could reach $26 trillion by 2047, surpassing China’s projected GDP of $23 trillion and C. Rangarajan, the former governor of the Reserve Bank of Bharat (RBI) and ex-chairman of the Prime Minister’s economic advisory council, also noted that Bharat could potentially become a developed economy if it maintains a continuous growth rate of 7 per cent over the next 20 years. It’s an ambitious goal, but one that fills me with immense pride and optimism.
State-Level Proactiveness: A Case Study
Prof. K. MURALIDHARAN, University of California, San Diego in his recent book entitled “Accelerating Bharat’s Development: A State-Led Roadmap for Effective Governance” Penguin Random House Bharat (March 2024) advocated about the role of state in the fast growth of Bharat and to become a Vikshit Bharat.
Bharat’s federal structure empowers states to be active participants in this growth journey. States like Gujarat and Karnataka, with strong governance and a focus on key sectors like manufacturing and services, have consistently achieved high GDP growth rates. Gujarat’s “Vibrant Gujarat” summits have attracted significant investments, while Karnataka’s focus on IT and biotechnology has led to rapid growth in Bangalore.
Replicating such successful models across other states is key. Initiatives like “Minimum Government, Maximum Governance” can streamline processes and attract investments. Imagine the ripple effect this can have across our nation!
Education and Skill Development
A skilled workforce is the backbone of any developed nation. Currently, there’s a skill gap in Bharat estimated at 24 per cent, according to the National Skill Development Corporation. Government policies like the National Skill Development Mission aim to bridge this gap by training 500 million skilled workers.
However, increased budgetary allocation for education is also crucial. A recent study by the Bharatn Institute of Education predicts that increasing Bharat’s education spending to 6% of GDP by 2030 can lead to a 15% increase in per capita income by 2047. AI-powered learning platforms can personalize education, catering to individual learning styles. Imagine a future where AI-powered education improves learning outcomes by 20 per cent by 2030, translating to a potential increase of 2 million graduates with industry-ready skills every year!
Healthcare for All: A Case Study
A healthy population fuels economic growth. Bharat’s current doctor-to-patient ratio stands at 1:1100, according to the World Health Organisation. Expanding telemedicine services, leveraging AI for early disease detection, and creating a network of affordable healthcare facilities across the nation are crucial steps.
A recent report by HealthTech Research estimates that AI can save the Bharatiya healthcare system $20 billion annually by 2030 through improved diagnostics and treatment optimization. Furthermore, telemedicine consultations can reduce healthcare costs by 20% by 2030, freeing up resources for further healthcare infrastructure development.
Imagine a future where every Bharatiya has access to quality healthcare, regardless of their location. It’s not just a dream; it’s a necessity, and it is within our reach.
Revolutionising Agriculture: A Case Study
Agriculture remains a vital sector in Bharat, employing nearly half the workforce. However, traditional methods lead to low productivity and resource wastage. Embracing technologies like Internet of Things (IoT) for precision agriculture can optimize resource utilization and increase yields.
Data-driven insights from IoT sensors can help farmers choose the right crops, fertilizers, and irrigation methods, leading to a predicted 30% increase in agricultural productivity by 2030. Furthermore, integrating blockchain technology with agricultural supply chains can improve traceability, reduce post-harvest losses, and increase farmer incomes by 10% by 2030. Imagine our farmers thriving, our fields yielding bountiful crops, and our nation becoming a global agricultural powerhouse. It’s a vision that fills me with hope and pride.
Conclusion: A Collective Endeavour
Bharat’s journey towards becoming a developed nation requires a multi-pronged approach. Collaborative efforts by central and state governments, coupled with strategic policy development, technological advancements like AI, ML, and IoT, and investments in critical sectors like education, healthcare, and agriculture, will pave the way.
I feel a deep sense of pride and gratitude for our government, PM Narendra Modi, and the Central Statistics Office who tirelessly present us with the data that guides our path. Together, as one nation, we can achieve this vision. Let’s embark on this journey with hope, determination, and unwavering belief in our potential to transform data into insights, challenges into opportunities, and ideas into reality. Bharat, our time to shine is now!
