How would a developed India or Viksit Bharat in the year 2047 look like?

National Affairs

How would a developed India or Viksit Bharat in the year 2047 look like?

19 Mar 2024 Zinkpot 163

The government is claiming to make India a developed country by 2047, the year in which India’s independence would complete 100 years. But what is a developed country and how can we imagine India as a developed world?
A developed country can be seen as a more mature and sophisticated economy. Developed countries have advanced technological infrastructure and diverse industrial and service sectors. Their citizens typically enjoy access to quality health care and higher education. These economies may not always have a high growth rate but the quality of life is wonderful.
So how does one decide whether a country is developed or not?
There is no single factor but there are several factors to be considered to determine if a country is developed or not.
One of the factors are the economic factors such as measurement of per capita income, level of industrialisation, the general standard of living and technological infrastructure. Most commonly the main benchmark that is used to determine the level of development of an economy is per capita income. Some economists consider $12,000 to $15,000 per capita income to be sufficient for developed status. Others, however, consider a country to be developed if its per capita income is above $25,000 or $30,000.
According to the World Bank, India's per capita income is around $2,400. At the same time, USA's and China's per capita incomes are $76,400 and $12,700, respectively. USA is considered a developed country but China is not.
But per capita income cannot be the sole basis. Take for example Qatar. It has one of the highest per capita incomes in the world at $88,000. However, it is not considered developed due to vast income inequality and a lack of educational opportunities for citizens.
Therefore, the other factors are included which are the non-economic factors such as the human development index, which measures several parameters like levels of education, health and literacy.
For countries that are difficult to categorise according to per capita income, economists turn to the standard of living for measurement. Most developed countries have less than 10 infant deaths per year per 1,000 live births. Moreover, they have a life expectancy of over 75 years. In India infant death per 1000 babies born is close to 30 and the life expectancy is 69 years.
A country with an HDI index over 0.8 is generally considered developed. According to the latest data, India's score is 0.633. Developed countries also have low corruption and citizens have a positive outlook towards the government. Developed countries also have better environment, less crowding and a happier life.
If India is to be developed by 2047, it has to achieve many points such as attain healthy per capita income, reduce infant death rates, increase human development, reduce corruption, control population and pollution together.
Subscribe to zinkpot capital for videos on Economy and Finance