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Virtues of planning
Context:
The PM Modi's Vision India@2047 aims for a 30 trillion dollar economy, emphasizing reforms, policy certainty, and adaptability.
Vision for India@2047
- Ambitious Goal: PM Modi aims for a $30 trillion economy by India's 100th Independence anniversary in 2047.
- Two Years in the Making: Vision India@2047 plan under development, seeks input from global leaders like World Bank President.
- Beyond Elections: Seen as government's promise for voters, continuity across administrations crucial for the plan's success.
Sustaining Economic Growth
- Building on Past Success: India's economic growth from 1.1% to 3.5% of global output attributed to consistent reforms.
- Addressing Reform Challenges: Focus on tricky reforms in factor markets like land and labor for sustained growth.
- Policy Certainty for Investors: Plan must provide clarity to global investors; minimize government intervention for economic growth.
Long-term Sustainability and Adaptability
- Preventing Middle-Income Trap: Plan emphasizes shift from agriculture to industry, addresses income inequality to avoid stagnation.
- Flexible Approach: Regular review and adjustment of goals needed based on evolving global trends and unforeseen events.
- Balancing Growth Targets: Aim for 9% growth rate between 2030-2047 commendable, but adaptability to alternative scenarios crucial.
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