Bold reforms, energy security crucial for Viksit Bharat 2047: Niti Aayog

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Bold reforms, sustainable energy strategies, and a leadership role in global trade would be key to achieve Viksit Bharat by 2047, government think tank NITI Aayog has said.

Trade liberalisation, tariff reductions, and technological collaborations were explored as potential avenues to enhance India's global trade standing, it said.

The observations were made by panellists at a conclave titled 'Towards Viksit Bharat @ 2047: Strengthening Economy, National Security, Global Partnerships, and Law', which was organised by NITI Aayog in New Delhi on Thursday.

The panellists stressed the need for increased private sector investment in research and development, fiscal consolidation, and integration into global supply chains.

"The consensus was that bold reforms, sustainable energy strategies, and a leadership role in global trade would be key to achieving Viksit Bharat by 2047," it said.

According to the Aayog, sovereign credit ratings, energy security, and access to critical raw materials were identified as essential for long-term economic resilience, while education, skill development, and infrastructure investments were recognised as crucial for leveraging India's demographic advantage.

Another significant session, strategic partnerships for development, focused on India's diplomatic strategies in securing alliances with both the Global South and North, it said.

According to the Aayog, experts underscored India's leadership in renewable energy and stressed the importance of international cooperation in critical mineral resources.

The session also emphasised on the role of digital public infrastructure in fostering multilateral and bilateral partnerships, while legal reforms were acknowledged as pivotal in attracting investment and improving ease of doing business.