How Viksit States can help India become world's 3rd largest economy faster

NEW DELHI: As India begins its journey to become the third largest economy in the world in the next few years, the collective effort of all states and the Centre can help the country reach this milestone faster and achieve the goal of Viksit Bharat by 2047.

According to Prime Minister Narendra Modi, the country has achieved steady growth in the past 10 years. The economy, which was ranked the 10th largest economy in the world in 2014, has risen to become the fifth largest economy in 2024.

Now, the collective aim of the government and all citizens is to become the third largest economy in the world, said PM Modi while chairing the ninth Governing Council Meeting of NITI Aayog.

From being a predominantly import-driven country, India now exports many products to the world.

The country has made its mark on the world stage in wide-ranging sectors like defence, space, startups and sports.

The country’s job market is on the rise and major global players are predicting that India will soon be a superpower.

More than 12.5 crore jobs were created from FY14-23, with an average of 2 crore jobs per year. There has been a 56 per cent rise in workers' income (FY22-23) and India is well on track to become a $10 trillion economy.

According to the government, the country will be the third-largest economy in the next few years while the country’s exports are slated to reach $2 trillion by 2030.

The Economic Survey 2023-2024 projects India’s GDP growth rate at 6.5 to 7 per cent for 2024-25 as it sees the economy on a strong wicket.

At the NITI Aayog meeting, PM Modi appreciated the confidence and enthusiasm of more than 140 crore citizens, which is the driving force behind the progress of the country.

The vision of Viksit Bharat can be realised through Viksit States, and that the aspiration of Viksit Bharat should reach the grassroots level -- to each district, block and village.

“For this, each state and district should create a vision for 2047 so as to realise Viksit Bharat @ 2047,” PM Modi emphasised.

The Prime Minister also appreciated the Aspirational Districts Programme anchored by NITI Aayog.

He observed that the key to its success was continuous and online monitoring of measurable parameters, which led to healthy competition among districts to better their performance in different government schemes.

PM Modi also emphasised skilling and training of youth to make them employment ready as the world looks favourably towards India for skilled human resources.

The Union Budget 2024-2025 has allocated Rs 2 lakh crore for education and employment.