Bold reforms, leadership in global trade key for Viksit Bharat by 2047: Govt

New Delhi: Bold reforms and a leadership role in global trade are crucial for achieving Viksit Bharat by 2047, according to experts from the government.

The experts including the Chief Economic Advisor, and from the Ministry of Defence spoke at a conclave, organised by NITI Aayog in the national capital on Thursday. They deliberated on India’s trajectory to become a global economic powerhouse.

“The consensus was that bold reforms, sustainable energy strategies, and a leadership role in global trade would be key to achieving Viksit Bharat by 2047,” Niti Aayog said.

In addition, the discussions also emphasised the importance of innovation and infrastructure expansion.

The experts held panel discussion on the need to “increase private sector investment in research and development, fiscal consolidation, and integration into global supply chains”.

Sovereign credit ratings, energy security, and access to critical raw materials were identified as essential for long-term economic resilience, while education, skill development, and infrastructure investments were recognised as crucial for leveraging India’s demographic advantage.

Further, the conclave also saw experts deliberate on “India’s diplomatic strategies in securing alliances with both the Global South and North”. The discussion highlighted India’s economic resilience and its ability to navigate geopolitical trade disruptions.

Experts underscored India’s leadership in renewable energy and stressed the importance of international cooperation in critical mineral resources.

“Trade liberalisation, tariff reductions, and technological collaborations were explored as potential avenues to enhance India’s global trade standing,” said the Niti Aayog.

The sessions also emphasised the role of digital public infrastructure in fostering multilateral and bilateral partnerships, while legal reforms were acknowledged as pivotal in attracting investment and improving the ease of doing business.

The conclave provided valuable insights into India’s economic trajectory, strategic partnerships, and national security preparedness.

–IANS