Viksit Bharat By 2047? WTO Says India Must Fix These Gaps First
The WTO suggests that while India's goal of becoming a developed nation by 2047 is achievable, it requires significant structural reforms. Key recommendations include lowering trade costs, simplifying regulations, and improving infrastructure to boost global export competitiveness.
Why it matters
This report provides an international perspective on the feasibility of India's 'Viksit Bharat' economic vision and identifies the specific hurdles the country must overcome.
Can India become a developed nation by 2047? The World Trade Organization (WTO) believes the goal is achievable but only if the country fixes a few fundamental problems that can no longer be ignored.In its latest Trade Policy Review, the WTO has offered both praise and caution. It acknowledged India's position as the fastest-growing major economy. But it also warned that strong growth alone will not be enough to fulfil the government's Viksit Bharat vision.The global trade body said India must address deep-rooted structural bottlenecks, lower trade costs, simplify regulations, improve infrastructure and integrate more closely with global markets if it wants to achieve developed-country status by the centenary of Independence in 2047. WTO's 'Non-Negotiables' For Viksit BharatAccording to the WTO Secretariat, India will have to sustain annual real GDP growth of around 8 per cent over the next two decades to reach high-income economy status by 2047. That, however, will require…
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