New Delhi, July 25 (IANS) India’s remarkable economic transformation since Independence has laid a strong foundation for achieving its Vision 2047 goal of becoming a developed nation, although sustained investments in health, education, jobs and green energy will be crucial to maintaining the country’s growth momentum, according to a report.
The report published by Economics Observatory highlighted that India has undergone a dramatic transformation since gaining Independence in 1947, evolving from an economy marked by widespread poverty, limited industrial capacity and inadequate infrastructure into one of the world’s fastest-growing major economies.
Over the past eight decades, the country’s GDP per capita has risen sharply, life expectancy has more than doubled and adult literacy has increased nearly six-fold.
India has also made significant technological strides, progressing from widespread dependence on kerosene lamps to developing advanced capabilities, including a nuclear programme, according to the report.
India’s emergence as the world’s most populous nation with more than 1.4 billion people presents both opportunities.
A young and expanding workforce offers significant growth potential, provided adequate investments are made in education, healthcare, skills development and employment generation, the report said.
According to the report, the country’s Vision 2047 agenda will require balanced progress across economic growth and human development.
In addition, income levels have improved rapidly over the past two decades, further gains in healthcare and education will be essential to improve overall living standards and strengthen India’s Human Development Index (HDI) performance, it said.
Policymakers prioritise medium-term investments in healthcare, education and nutrition, while strengthening data systems to better track development outcomes across states and support lagging regions.
It also highlighted India’s efforts to reduce vulnerabilities arising from dependence on the US dollar in global trade and finance.
It said greater internationalisation of the rupee, stronger export competitiveness and continued economic diversification could enhance the country’s resilience against external shocks.
–IANS
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