Achieving Viksit Bharat@2047 vision would entail sustained economic growth of close to 8 per cent every year for at least a decade, Economic Survey 2025 has said.
“To achieve this growth, the investment rate must rise to approximately 35 per cent of GDP, up from the current 31 per cent. Additionally, it will be essential to develop the manufacturing sector further and invest in emerging technologies such as AI, robotics, and biotechnology,”. India will also need to create 78.5 lakh new non-farm jobs annually till 2030, achieve 100 per cent literacy, develop the quality of our education institutions, and develop high-quality, future-ready infrastructure at scale and speed.
Structural reforms
India has carried out a series of structural reforms in the last decade. From the Goods and Services Tax (GST), which has been verily described as India’s EU moment, to the Insolvency and Bankruptcy Code (IBC), which established a framework for dealing with corporate renewal, to the RERA (Real Estate Regulation Act), which helped clean up the real estate sector and rapid roll-out of digital infrastructure – the India Stack (UID, UPI, DBT). The introduction of GST in July 2017 marked a significant shift in India’s indirect tax structure, aiming to create a unified, streamlined taxation system across the country.The implementation of GST generated a host of positive externalities through enhancement in ease of doing business, giving impetus to digitalisation, fostering economic integration via the creation of a single market, and adding to the buoyancy of revenue generation and collection. Similarly, IBC has led to faster resolution of non-performing assets (NPAs) in banks and created a more efficient bankruptcy process, boosting investor confidence and India’s Digital Public Infrastructure (DPI) has emerged as a game-changer in the country’s journey towards a more inclusive and efficient economy. By leveraging digital tools and platforms, DPI has not only enhanced
the accessibility of services but also brought transformative benefits across various sectors.