The ninth Governing Council meeting of Niti Aayog may meet next month to discuss the ‘Viksit Bharat @2047’ vision document to make India a developed nation.

The council is chaired by Prime Minister Narendra Modi and comprise state chief ministers.

Ahead of the Council meeting, Finance Minister Nirmala Sitharaman will likely give a glimpse of the Viksit Bharat vision and action plan in the Budget later this month, sources said.

India would likely aim for at least a $30 trillion economy by 2047 to become a developed nation in the 100th year of independence, propelled by radical policy changes and reforms in governance by 2030.

The Vision document would talk about where India would be in 2047 in various socio-economic indicators, what sectors/technologies India should be leading in, what areas India would have global champions and other institutional capabilities.

India’s growth is closely interlinked with the growth of states. This would be the guiding spirit of India’s inclusive and sustainable vision for the next quarter century. 

The vision document has been prepared in about 30 months after Modi envisaged it in December 2021. Ten sectoral groups of secretaries (SGoSs), which were tasked to prepare sectoral visions. Niti Aayog was tasked to merge these into a consolidated vision document after consultation with SGoSs and thought leaders including industry captains.

The ten SGoS were on rural & agriculture, infrastructure, resources, social vision, welfare, finance & economy, commerce & industry, technology, governance, and security & foreign affairs.

The Finance Ministry has prepared a template of where the economy will be over the next 25 years. It is roughly talking about a population of around 1.5 billion and per capita income between $18,000 to $20,000 by 2047.

India’s economy was around $3.7 trillion in FY24. India’s per capita income was estimated at around $2,500 in FY23. Countries with per capita income beyond a threshold of $17,000 are considered developed nations.