India Aims To Become World’s Third Largest Economy By 2047, Says PM Modi

As India embarks on its path to becoming the world’s third largest economy in the coming years, Prime Minister Narendra Modi has called for a unified effort from both the Centre and the states to accelerate this journey and achieve the goal of “Viksit Bharat” (Developed India) by 2047.

Addressing the ninth Governing Council Meeting of NITI Aayog, Prime Minister Modi highlighted India’s impressive economic progress over the past decade. From being the 10th largest economy in 2014, India has risen to the fifth position by 2024. Modi emphasized that with the collective efforts of the government and citizens, the country can reach its new target of becoming the third largest economy globally.

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The Prime Minister noted the country’s transformation from a predominantly import-driven market to a major exporter of goods. India has made significant strides across various sectors, including defense, space, startups, and sports. The job market has also seen substantial growth, with over 12.5 crore jobs created between FY14-23, averaging 2 crore new jobs per year. Additionally, workers’ incomes have risen by 56 percent in FY22-23, positioning India on track to become a $10 trillion economy.

GDP Growth Rate

Looking ahead, the government projects India will achieve the status of the third-largest economy within the next few years, with exports expected to reach $2 trillion by 2030. The Economic Survey 2023-2024 forecasts a GDP growth rate of 6.5 to 7 percent for 2024-25, reflecting a robust economic outlook.

During the NITI Aayog meeting, PM Modi praised the optimism and dedication of India’s 140 crore citizens, which he described as the driving force behind the country’s progress. He stressed that the vision of Viksit Bharat can be realized through the development of Viksit States, and urged that this aspiration be embedded at the grassroots level — in every district, block, and village.

“To achieve this, each state and district should formulate a vision for 2047 to realize Viksit Bharat,” Modi asserted. He also commended the Aspirational Districts Programme managed by NITI Aayog for its success, attributing it to the continuous and online monitoring of performance metrics, which has fostered healthy competition among districts.

The Prime Minister underscored the importance of skilling and training the youth to meet global demands for skilled human resources. In this context, the Union Budget 2024-2025 has allocated Rs 2 lakh crore towards education and employment initiatives.