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Raising India's per capita income to levels seen in developed economies will be a major challenge as the country works towards its Viksit Bharat 2047 goal, said Ajay S Shriram, Chairman and Senior Managing Director of DCM Shriram Ltd, stressing the need for collective efforts from the government, industry and citizens.
Speaking to ANI on the sidelines of the Pathways to Viksit Bharat event, Shriram highlighted the wide gap between India's current per capita income and the level he cited for developed economies. "Today we are only at USD 2,800 per capita income. Developed countries are ranked at USD 14,000. It's a big task, but I'm really glad this government has made that ambition to move in that direction," he said. Shriram said achieving developed-country status would require efforts across all sections of the economy, including agriculture, manufacturing, services and businesses. "I think everyone has to put in that effort to take India to a developed country by 2047," he said. He expressed confidence in the country's ability to move towards the target, saying the government, industry and citizens were committed to achieving the vision. "Government, people, industry, everyone is keen on it. And I'm sure we'll move ahead," he said. On India's economic outlook, Shriram remained optimistic about continued growth, even as he acknowledged challenges arising from geopolitical tensions and climate-related disruptions. "100%. I think it will grow," he said when asked whether India's economic performance would improve in the coming period. However, he cautioned that global developments and changing weather conditions were creating disruptions, particularly for agriculture. "World geopolitics has created a lot of dislocation; climate change has created a lot of dislocation. We are seeing the El Nio effect. That is impacting the agriculture sector and other things," he said. Shriram emphasised that addressing these challenges and identifying fresh growth opportunities would be important for sustaining economic progress. He said the focus should remain on tackling difficulties and moving ahead to support India's long-term development ambitions. (ANI)
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