Bold reforms will be key to achieving Viksit Bharat by 2047: NITI Aayog

Bold reforms, sustainable energy strategies, and a leadership role in global trade would be key to achieving Viksit Bharat by 2047 while focus on education, skill development, and infrastructure investments will be crucial for leveraging India’s demographic advantage, the NITI Aayog said on Thursday.

The Aayog, on Wednesday, organized a conclave titled “Towards Viksit Bharat @ 2047: Strengthening Economy, National Security, Global Partnerships, aimed at analyzing India’s trajectory toward becoming a global economic powerhouse.

Elaborating on a panel discussion at the conclave, the Aayog said discussions were held among experts on the importance of regulatory reforms, innovation, infrastructure expansion, and India’s strategic role in global trade.


“Panelists stressed the need for increased private sector investment in research and development, fiscal consolidation, and integration into global supply chains,” it said in a statement.

“Sovereign credit ratings, energy security, and access to critical raw materials were identified by the experts as essential for long-term economic resilience,” it added.

As per the Aayog, trade liberalization, tariff reductions, and technological collaborations were explored as potential avenues to enhance India's global trade standing.

“The emphasis was also on the role of digital public infrastructure in fostering multilateral and bilateral partnerships, while legal reforms were acknowledged as pivotal in attracting investment and improving ease of doing business,” it said.

Besides, experts also deliberated on the role of legal frameworks in ensuring efficient procurement, stocking, and supply chain management.

“Proposals were made for enhancing procurement procedures, fostering public-private collaborations, and refining organizational structures to streamline defence supply chains,” it said, adding cybersecurity emerged as a critical factor in safeguarding supply chain integrity and ensuring operational efficiency.