What is Viksit Bharat: NITI Aayog CEO BVR Subrahmanyam Explains at India Economic Summit

India Economic Summit : BVR Subrahmanyam, CEO of NITI Aayog, kicked off Republic Media Network’s India Economic Summit , emphasizing that India is destined to become Viksit Bharat (Developed India). During the summit, he explained, "Viksit Bharat is a very interesting thing. Viksit Bharat in a western concept would mean a developed country." The summit, now in its fourth distinguished edition, is underway at the Network’s grand headquarters, hailed as the largest news center in Asia. This monumental event, held under the visionary theme "Viksit Bharat: Bullseye," serves as a beacon of economic ambition, illuminating India's path to a $50 trillion economy by 2047.

Subrahmanyam, in his keynote address on Vision 2047, explained the significance of Viksit Bharat, stating, "The theme of the program, which is Viksit Bharat. But Viksit Bharat is also a dream. But just as this dream got fulfilled, if we work methodically, systematically, with ambition, drive, and consistency, even that dream can be fulfilled." He underscored the importance of dreaming big, adding, "I think we need more dreamers in the country. Because it is the dreamers who are going to take this country somewhere."

He credited Prime Minister Narendra Modi with initiating the vision of Viksit Bharat, noting, "It begins with the Prime Minister who dreamt of Viksit Bharat. He used that word about two and half years, three years ago. And since then, Viksit Bharat has actually entered common lingo." Subrahmanyam highlighted India's progress, mentioning, "We grew at about 8% plus. India is one of the fastest-growing large economies in the world." He also predicted that India will soon become the fourth largest economy in the world, and by 2027, will be the third largest.

Reflecting on India's transformation, Subrahmanyam remarked, "From a long period of very slow growth of a country riddled with poverty, we are now going to take our place in the committee of nations as a leading country in the world." He compared India's state in 1947, when it was struggling with poverty and dependency, to the country it is today, noting, "The entire government structure was designed to handle what? Famines, relief, floods, drought."

The CEO also spoke about the remarkable achievements of the last decade, stating, "Last ten years have been phenomenal. What this country has demonstrated in the last ten years is a couple of things: We can do things with speed, we can do things at scale, and we can do things innovatively." He cited India’s rapidly growing infrastructure and technological advancements, especially in digital public infrastructure like Aadhaar and UPI, and India's leadership in space exploration and low-cost missions.

Subrahmanyam also emphasized India’s diversified economy, saying, "We are not a one-trick pony. We are not like Bangladesh which lives on garments. We are not like a country which lives only on oil. We have an economy which is very diversified and covers the entire span of agriculture, industry, and services."

He highlighted the advantages of India’s demographics, noting, "India is not only the most populous country in the world, it's among the youngest countries in the world. A median age is 29. The median age of China next door is 39." Subrahmanyam underscored how India’s population and its thriving democracy put the country in a prime position for future growth.

On the geopolitical front, he said, "Geopolitics, by good fortune, is in our favor." He pointed to the shift away from China, stating, "China’s own population is shrinking... by 2047, when India will be a 165 crore country, the population of China will actually be around 120 or 110 crores." He also discussed how global challenges like climate change and technological disruptions, including artificial intelligence, present opportunities for India, especially with its focus on green technologies and innovation.

Subrahmanyam also stressed the need for consistent growth to achieve the goal of Viksit Bharat, saying, "Very few countries have grown at 9% for 25 years. The United States to become a developed country took a hundred years. We are trying to do it in 25 years." He pointed to examples like South Korea and Singapore, highlighting that India has the potential to achieve similar feats.

He concluded by asserting, "India is destined to become Viksit Bharat," adding, "A country is not mud and dust. It is people. The strength of India is people." He also emphasized the importance of working in harmony with state governments, saying, "Viksit Bharat comes only from Viksit Raj," highlighting NITI Aayog’s collaborative efforts with states to shape the vision for India’s future.

As the summit continues, Subrahmanyam’s vision for India's transformation into a developed nation resonates, fueled by optimism, ambition, and a determination to harness the nation's strengths in the face of global challenges.

Bringing together a distinguished assembly of policymakers, business magnates, and industry experts, the summit is a platform for forward-thinking dialogue on India’s future as a global economic powerhouse. Discussions will delve into transformative ideas around policy innovation, infrastructure development, and inclusive growth to shape a vibrant, self-reliant India. This summit, hosted by Republic Media Network, not only reflects the pulse of India’s economic journey but also reaffirms the Network’s commitment to fostering a dynamic discourse on the nation’s growth trajectory and future prosperity.