India needs 8% growth for Viksit Bharat, road to 2047 goal goes from deregulation, Economic Survey 2025

CEA bats for 8% growth for Viksit Bharat

India needs to grow close to 8 percent, with an investment rate of 35 percent, to achieve the goal of Viksit Bharat or developed India by 2047, the Economic Survey released on the eve of the survey noted.

India’s road to becoming a developed economy is paved through factor market reforms, the Economic Survey further added.

The survey noted that for India to become a developed economy by 2047, the country would need to carry out another wave of deregulation to supercharge growth.

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A Moneycontrol analysis shows that nominal growth must average over 10 percent for the next two decades to become a developed economy.

Calling for Ease of Doing Business 2.0 reforms, the Economic Survey highlighted the need to achieve growth rates of 8 percent for a decade or two to achieve the goal of Viksit Bharat.

The Indian economy has missed that mark over the last two fiscals. In FY24, growth remained subdued at 9.6 percent, which seems to be the case this year as well, with the first advance estimate predicting the economy to grow 9.7 percent, as against an expectation of 10.5 percent.

“The people of the country have given me this responsibility for the third time, and this is the first full Budget of my third term. I can say with full faith that in 2047, when India will be celebrating 100 years of Independence… this Budget will provide new trust, and new energy that the country will become ‘Viksit’ when it will celebrate 100 years of Independence. 140 crore Indians will fulfil this resolution through their collective efforts,” said Prime Minister Narendra Modi outside the Parliament at the start of the Budget session.

The Economic Survey also called for work on achieving 100 percent literacy to achieve the Viksit Bharat goal, while adding that India needs to train its workforce for an increasingly AI-centric world.