The Hindustan Times reported on November 25 that Indian Prime Minister Modi has formulated a broader national roadmap aimed at achieving the goal of "a developed India by 2047."
Modi stated that India has risen from the 11th largest economy to the fifth largest economy over the past decade, and it is expected to become the third largest economy soon.
Indian Prime Minister Modi outlined a roadmap for India's path to a "developed India" in his speech at the Ram Temple in Ayodhya. The core objective is to build India into a developed country by 2047, the centenary of its independence.
India has indeed maintained high-speed economic growth in recent years, and the International Monetary Fund (IMF) has recognized it as one of the fastest-growing major economies in the world. However, behind the impressive growth rate, there are structural challenges. Analysts point out that India's economic growth is overly dependent on the service sector, while the share of manufacturing in GDP has not increased but instead decreased, making it difficult to create enough high-quality jobs, especially to effectively absorb the large young workforce.
Due to social and resource constraints, achieving the goal also faces many internal challenges. For example, India's society has significant wealth disparity, and it is also experiencing severe climate and environmental challenges such as extreme heat. Economic growth largely depends on debt-driven infrastructure investment, and the long-term sustainability of this model is questionable.
Modi clearly stated that India will "become the third-largest economy in the short term." This is both a need to boost domestic confidence and a declaration to the global market and international community of India's ambitions, to attract more investment and attention.
Original: www.toutiao.com/article/1849985085899792/
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