Developed Nations

India's economy: Glass permanently half full on the road to development

Only three-four countries in the past 100 years have transformed themselves into developed nations - Japan, Taiwan, South Korea; and China in the 1990s

Gen Z's contribution key to achieve development by 2047: President Murmu

President Droupadi Murmu on Thursday said the contribution of the present generation is crucial for achieving the goal of making India a developed nation by 2047. Addressing the convocation ceremony of Mohanlal Sukhadia University in Udaipur, the President said the policy of altruism over selfishness will help blossom talent of the students. "Baba Saheb Ambedkar believed that character is more important than education. He believed that an educated person who does not have character and humility is more dangerous than a violent creature. If his education causes harm to the poor, that person can become a curse for the society. "I want to tell all of you that wherever you are, do not do anything which tarnishes your character. Your behaviour should have the highest moral values, along with integrity in every aspect of your life," Murmu said. According to the President, today, when rapid changes are taking place across sectors, including in the field of science and technology, the spir

Developed economy should also be developed ecology: Environment minister

Union Minister for Environment, Forest and Climate Change Bhupender Yadav on Saturday said there is a need to balance economic development of the country with ecology, as both are interconnected. Human-centric approach to development is insufficient, he said, speaking at an event at the Indian Institute of Technology (IIT) Bombay -- Ideas4LiFE - Lifestyle for Environment' -- that aims to inspire innovative environmental solutions. "A developed economy should be a developed ecology too....there is interconnectedness between all life forms. Life extends beyond human needs, therefore, there should be harmonious coexistence of all living beings and the environment," the minister said. Ideas4LiFE - Lifestyle for Environment' has been organised in collaboration with the Maharashtra Environment Department to engage students, faculty and researchers nationwide in generating ideas promoting an eco-friendly lifestyle. The minister further urged students to embrace environmental consciousness

Need far-reaching reforms for India to be developed nation

Since 1990, 34 middle-income economies covering only around 250 million people have managed to shift to high-income status

Ancient knowledge can be guiding light towards developed nation: Assocham

India's ancient knowledge and philosophy can be the guiding light towards a developed nation, industry body Assocham Secretary General Deepak Sood has said. Speaking at the special launch event of a book on Prime Minister Narendra Modi late on Friday evening, he said the growth and advances that India has witnessed in recent years are an outcome of the leadership the country has, and this book has shown us how much progress we have made towards our goal. "We are blessed with ancient knowledge and philosophy that can be our guiding light towards a developed nation," he noted. Authored by former Rhodes Professor at Cornell University, US, and currently a member-HR at the Capacity Building Commission, R Balasubramaniam, the book titled 'Power Within: The Leadership Legacy of Prime Minister Narendra Modi', captures the civilisational wisdom of Bharat. It also explores how Modi's remarkable vision to expedite progress, as well as indigenous knowledge and ancient wisdom, has shaped globa

Large number of global companies want to invest in India: PM Modi

Suggestions ranging from making India skill capital of the world to judicial reforms have been given by citizens for making India a developed nation by 2047, Prime Minister Narendra Modi said on Thursday. 'Viksit Bharat 2047' are not mere words, they are reflection of resolve and dreams of 140 crore people, Modi said addressing the nation from the ramparts of the Red Fort on the 78th Independence Day. Suggestions have been collected from citizens, and crore of people gave suggestions for Developed India 2047. The dreams of every citizen and their confidence is reflected in those suggestions, the prime minister said . Some people gave the suggestion of making India the skill capital' of the world, some suggested making it a global hub of manufacturing, he added. Some people expressed concern over delay in justice, and they said there is a requirement for judicial reform." Other suggestions included making India universities global, having a 'global media', making skilled Indian you

Viksit Bharat a vision document in work for a developed India by 2047: Govt

Viksit Bharat is not a project but a vision document under preparation, outlining the growth trajectory for India to become a developed nation by 2047, the government said on Monday. Replying to supplementary queries on whether financial assistance has been provided to states for Viksit Bharat projects during the Question Hour in the Rajya Sabha, Union Minister for Planning Rao Inderjit Singh said, "It is not a project per se". Viksit Bharat, Sing said, "It is a vision document that is under preparation...As Viksit Bharat is not a project, therefore, provision of financial assistance to states does not arise". Replying to a question on the policy steps taken in the infrastructure and connectivity sector to boost growth and development, the minister stated that the government firmly believes that these sectors are going to be growth engines for Viksit Bharat. "Infrastructure development is an ongoing priority of the government to boost growth and development," the minister added.

India should grow at 7-10% for 20-30 yrs to avoid middle income trap: NITI

PM Modi said emphasis on skill, research, innovation and job based knowledge necessary for making 'Viksit Bharat'

Need to become a $30 trn economy with $18,000 per capita income: NITI paper

India needs to strive to be a USD 30 trillion economy with a per capita income of USD 18,000 per annum by 2047, the approach paper for vision for Vikshit Bharat in 2047 has said. NITI Aayog in a paper titled 'Vision for Viksit Bharat @ 2047:An Approach Paper' said India needs to avoid the Middle-Income trap and carefully work towards breaking out of it. "As for the economy, to become a developed nation, we need to strive to be a USD 30 trillion economy by 2047 with a per capita income of USD 18,000 per annum. "The GDP would have to grow nine times from today's USD 3.36 trillion and the per capita income would need to rise 8 times from today's USD 2,392 per annum," it said. The paper also noted that progressing from a middle-income to a high-income level requires sustained growth in the range of 7-10 per cent for 20-30 years and very few countries have managed to do this. Defining the concept of Vikshit Bharat, the paper said it is a Bharat which will have all the attributes of a ..

G7 Summit: PM Modi leaves for home after concluding day-long visit to Italy

Prime Minister Narendra Modi on Friday left for home after concluding his day-long visit to Italy during which he attended the G7 summit and held bilaterals with several world leaders including British Prime Minister Rishi Sunak, French President Emmanuel Macron and Pope Francis. In an address at an Outreach session of the G7 summit in Italy's Apulia region, Modi called for ending the monopoly in technology and said it must be made creative to lay the foundation of an inclusive society. The prime minister spoke extensively on the importance of ending monopoly in technology with a particular emphasis on artificial intelligence. Modi said India is among the first few countries to formulate a national strategy on artificial intelligence. On the sidelines of the summit, Modi met US President Joe Biden, Canadian Prime Minister Justin Trudeau, French President Macron, British Prime Minister Sunak, Ukrainian President Volodymyr Zelenskyy, Italian Premier Giorgia Meloni, Pope Francis and ..

'Need to moderate rate, widen tax base for Viksit Bharat goal by 2047'

There is a need for a shift in the taxation mindset from rates to revenue by moderating tax rates and widening base in order to achieve the goal of 'Viksit Bharat' by 2047, experts said. They underscored the need on transition from rates to revenue focused on lowering tax rates, enlarging the tax-paying base and thereby creating the means for financing of India's investment and development needs. "Conventional higher tax rates haven't resulted in significant tax buoyancy. Recognising this fact, governments in India since 1991 onwards have clearly batted for moderate tax rates leading to greater levels of transparency and compliance," EY India senior partner Sudhir Kapadia said. Time has come to bite the bullet for reforms in direct taxes, he said, adding, there could be one simplified rate structure for businesses and for individuals, there could be one simple three-rate structure with low or moderate rates, no surcharges and cesses and no significant deductions. On GST, he said, a

Two-day G7 finance summit kicks off seeking unity on Ukraine, China

The G7 will also address a proposed global wealth tax on billionaires, promoted by Brazil and France among the broader Group of 20 developed countries

Why is India a developing, not developed nation? Amitabh Kant answers

Former Chief Executive of NITI Aayog Amitabh Kant's comments coincide with a recent forecast by global brokerage Jefferies that predicted India's GDP to hit $5 trillion in the next four years

Spending 6% of GDP must to make India developed by 2047: VIT chancellor

Political parties in India should take the education sector seriously as a country's economy is directly linked to its education, chancellor of the prestigious Vellore Institute of Technology Govindasamy Viswanathan has said. In an interview with PTI, he said there is a need to spend 6 per cent of the nation's GDP on the education sector as it is vital to achieve the goal of India being a developed nation by 2047. The per capita income of India in 2023 is USD 2,600. Those states which are good in education like the southern states or the western states are all above the national average, he told PTI. In the southern states, it varies from USD 3,500 to USD 4,000. Kerala comes first, Telangana second, and Tamil Nadu is third... They're all around USD 4,000. Whereas Bihar and Uttar Pradesh are less than USD 1,000 because they lag in education, he said. It is not known to the people. People have to be taught about this. Political parties don't take it seriously. Unless we concentrate o

G7 commits to coal phaseout with caveats, may influence G20 and COP29 talks

Experts warn richer nations may pressure developing countries to meet green targets

Indian talent in IT sector crucial to bringing jobs to India: Anurag Thakur

Hailing the Narendra Modi-led government, Thakur said MODI stands for "Master of Digital Information" and also maker of developed India - Viksit Bharat

Needs to sustain growth to hit bottom echelons of developed country: Sanyal

Economist Sanjeev Sanyal on Wednesday said India needs to sustain the current growth momentum to reach the "bottom echelons" of being considered a developed world by 2047. Sanyal, a full-time member of the Economic Advisory Council, suggested that developing fast is imperative because by 2047, India would have aged and be in the same place as China is right now. "We still remain a very poor country. So, we have to sustain this performance for 25 years. Only then are we going to get to the bottom echelons of being a developed country in 2047 when we will be 100 years of freedom," Sanyal said while addressing the India Global Forum here. He said this is a window of opportunity before the country, and we ought to make it work by remaining focused on economic growth and not getting distracted by other things. Sanyal said it is essential that we continue to undertake reforms to realise the growth potential and listed out some essential priorities. He said the judicial side requires a l

Infra to be vital component for India to become developed nation: Puri

Infrastructure will be a vital component for India to become a developed country by 2047, Union minister Hardeep Singh Puri said on Monday and asserted that the country will be the third-largest construction market globally by next year. Highlighting the vitality of the construction industry for the Indian economy, the Union housing and urban affairs minister said the construction industry is among the fastest growing industries in the country. Addressing a gathering at the inauguration of the National Workshop on 'Recent Development with recycling and use of construction and demolition waste in the construction sector here, he said solid waste processing in India has witnessed a significant rise from mere a 17 per cent in 2014 to more than 77 per cent in 2024. Norwegian Ambassador to India May-Elin Stener also attended the event. "Now, we are transferring these capabilities in other forms of waste management, including construction and demolition waste, plastic waste, e-waste and

Introspect on adapting for India's path to a developed nation: FM to SPMCIL

Finance Minister Nirmala Sitharaman on Thursday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to find ways to transform itself at a time when its core business of printing currencies is depleting because of India's transition to a digital economy. Addressing the foundation day of SPMCIL, Sitharaman said at a time when minting coins in a digital era has become slightly jaded, the corporation has kept itself relevant by coming out with commemorative coins which can be gifted as souvenirs. The commemorative stamps and coins produced by the organisation are reflective of India's branding, cultural and environment issues, she said. SPMCIL has set the standards in gold and silver refining, and since 2022-23, SPMCIL has refined 5,300 kg of seized gold. It has paid a dividend of Rs 533.77 crore for 2022-23. The core strengths of SPMCIL include manufacture of bank notes and coins, also commemorative coins, and security products like passport and non-judicial ..

Need to grow at 7-8% to become developed nation by 2047: Ex-RBI Guv

India needs to grow at seven to eight per cent annually in order to become a developed nation with USD 13000 per capita income by 2047, former Reserve Bank Governor C Rangarajan said on Tuesday. Asserting that innovation cannot be a single solution to reduce inequalities or poverty, the former Chairman of the Prime Minister's Economic Advisory Council said besides faster growth rate, the country may need social safety nets such as subsidies in kind of cash and basic income. I would say that the real growth between 7 per cent and 8 per cent will take it closer to the developed economy, because the developed economy by definition shows per capita income of USD 13,000 or more. India's per capita income is now at USD 2700. That means per capita income will have to increase by five times, he told PTI. According to him, if the exchange rate is kept at a lower level or if the prices go up then nominal income will increase, then India can become a developed nation. Therefore, I am saying t