Focused Group Discussion (FGD) among IST Lab Members on: "Opportunities and Challenges for India to become Developed Economy by 2047"
Focused Group Discussion (FGD)
Moderator: Prof. Dr. Ashish Verma, Convenor - IST Lab
Rapporteurs: Kiran Naik, Yash Seth, Veera Manikanda Prabhu
The objective of the FGD is to have collate thoughts of IST Lab Members about ‘Opportunities and Challenges for India to become Developed Economy by 2047’
Attributes that facilitate development are considered to be high Quality of Life, Developed Economy and advanced technological infrastructure.
Panch Pran (pledges) announced by honourable Prime Minister Shri Narendra Modi on 15th Aug. 2022 for the amrit kal (next 25 years till completion of 100 years of India’s independence from British rule):
- 1st Pran- Goal of developed India
- 2nd Pran - Remove any trace of colonial mindset
- 3rd Pran - Take Pride in our root
- 4th Pran - Unity
- 5th Pran - Sense of duty among citizens
Highlighting that each citizen must have sense of fundamental duties as first and foremost aspect than fundamental rights. The following is the summary of opportunities and challenges identified by IST Lab members
Various opportunities that will make us move closer to our goal of developed economy has been discussed such as,
- A large share of young working population compared to many developed economies. India should capitalise this young gene pool to achieve its development goal.
- Large population dividend.
- Increased globalisation of our products and soft powers can drive our economy.
- Increased female participation will raise work economic productivity.
- Indian Talent must be recognized and rewarded well within India to retain them for the economic and social development goals of the country.
- Harnessing the vast tourism potential of India for achieving its development goals.
- Globalization potential of many industrial sector and services in India.
- Leveraging linkage of telecommunication and internet connectivity within India.
- Improved ease of doing business (Recently we have seen exponential growth in number of emerging start-ups)
- Leapfrogging in digitalization, digital transactions (UPI etc.) by India
- Abundance of natural and mineral resources and balanced weather conditions.
- Huge domestic market
- Each Panch Pran is a challenge for every citizen such that Federalism together with cooperativeness addresses the challenge.
- Bridging of Income gap between citizens.
- Improving income level of every common citizen for higher standard of living.
- Every profession must have monetary stabilisation and equity in standards which is a great challenge.
- Equitably distributing opportunities across regions of India is a big and challenging task.
- Opening doors for geopolitical integration ensures higher investment of efforts.
- High dependency on Non-Renewable energy resources, and the need to shift towards Renewable Energy
- Diversification in manufacturing field required.
- Vulnerability of young population to false narratives.
- Geopolitical conflicts in South-Asia.