India Must Strive To Be Largest Inclusive Economy By 2047

The World Economic Outlook Report released by the International Monetary Fund (IMF) in April 2025 pegged India’s gross domestic product (GDP) at $ 4,187.017 billion or $4 trillion, surpassing Japan’s $ 4,186.431 billion. By 2028, India is expected to push its GDP to $5,584.476 billion to overtake Germany. China is the second-largest economy at $19,231.705 billion, while the US tops the list with a GDP of $30,507.217 billion.

“India has overtaken Japan to become the world’s fourth-largest economy,” said NITI Aayog Chief Executive Officer (CEO) BVR Subrahmanyam, citing the IMF data at a press conference on May 26, 2025 of the 10th NITI Aayog Governing Council meeting on ‘Viksit Rajya for Viksit Bharat 2047’ in New Delhi. “We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak, and this is not my data. This is IMF data. India today is larger than Japan," said Subrahmanyam.

It is the wish and prayer of 140 crore citizens of India, that is Bharat, that their beloved country becomes the largest economy of the world much before we celebrate the centenary of our independence in 2047. It is also their dream to see the annihilation of monstrous income and wealth inequalities among them as soon as possible so that they are not deprived of their right to life with dignity, equality, justice, fraternity and liberty. This will be possible only when India has unwavering commitment and will power to implement affirmative measures and welfare policies in toto. If the economy grows in terms of size, one expects that even the people’s ease of living should increase in an ambiance of peace and brotherhood. Today’s India is grappling with poverty, mass discrimination, sluggish justice system, poor policing, rampant corruption, and continued monopolization of national resources, opportunities, facilities and privileges by a miniscule percentage of people.

Let us look at some areas of concern where the ground realities speak louder than empirical data. India faces a multitude of health challenges including a high burden of both communicable and non-communicable diseases, inadequate healthcare infrastructure, particularly in rural areas, and significant health inequities. These challenges are further compounded by factors like poverty, lack of awareness, and lifestyle-related issues. Our country continues to grapple with high rates of infectious diseases like tuberculosis, malaria, and HIV/AIDS. Non-Communicable Diseases (NCDs) such as cardiovascular diseases, diabetes, and cancer are on the rise, becoming a leading cause of death and disability.

India also faces challenges in maternal and child health, including high rates of malnutrition and mortality. Many regions, particularly rural areas, lack sufficient healthcare facilities, including hospitals, clinics, and diagnostic centres. There is a shortage of doctors, nurses, and other healthcare professionals, especially in rural and remote areas. Significant disparities exist in access to healthcare services between urban and rural areas. Poverty, lack of education, and other socioeconomic factors contribute to health inequities. Women and marginalized communities often face additional barriers to accessing healthcare. So, we need to invest massively in the public sector healthcare

Similarly, India faces significant educational challenges, particularly for marginalized communities like Scheduled Castes (SCs), Scheduled Tribes (STs), and Other Backward Classes (OBCs), in achieving higher Gross Enrollment Ratio (GER) in higher education. Key issues include persistent inequalities, inadequate infrastructure, financial constraints, and quality concerns. Poverty, lack of access to quality schooling, and social discrimination continue to hinder educational attainment for SCs, STs, and OBCs. Rural areas and certain states or regions often lag behind in terms of educational infrastructure and opportunities, further exacerbating inequalities.

There are other challenges as well. For example, girls, particularly in rural areas, face additional challenges like early marriage and household responsibilities, leading to lower enrollment and higher dropout rates. Soaring tuition fees in higher education institutions make it difficult for students from marginalized backgrounds to afford higher education. While scholarships are available, they often don't cover the full cost of education, leaving many students struggling financially. Students may resort to loans to finance their education, which can lead to significant debt burdens. Inadequate number of higher education institutions, particularly in rural and remote areas, restricts access for many students.

Many institutions lack basic infrastructure like classrooms, sanitation, and access to clean drinking water, impacting the learning environment. Limited access to the internet and digital resources hinders access to information and learning opportunities. An outdated curriculum and lack of emphasis on critical thinking skills hinders students' development. A shortage of qualified and trained teachers, particularly in specialized fields, can impact the quality of education. Inadequate research facilities and support remain a major stumbling block in the advancement of knowledge and innovation.

Moreover, high drop-out rates, particularly during transitions between different levels of education, indicate systemic weaknesses. Insufficient support systems for students from marginalized communities, including counseling and mentorship, can lead to attrition. Globalization has led to increased competition among Indian institutions, highlighting disparities in quality and standards. Hence, the increased competition poses challenges for weaker institutions to survive and thrive. So, we need a multi-pronged approach, including targeted interventions to improve access, affordability, and quality of education for all, with a special focus on marginalized communities.

As a nation, we continue to grapple with several other systemic challenges that obstacle equitable progress. Justice remains elusive for many due to an overburdened judiciary, delayed trials, and limited access for the poor and marginalized. Legal remedies often remain out of reach for those in rural and semi-urban regions, amplifying social inequities. Income inequality is another deep-rooted concern. A small percentage of the population controls a significant portion of wealth, while a large segment struggles with subsistence. This disparity affects access to basic services, quality education, and healthcare, perpetuating poverty across generations.

Opportunities – whether in education, employment, or entrepreneurship – are unevenly distributed. Urban-centric development has left rural and semi-urban areas with limited pathways to prosperity. Moreover, land holdings are highly fragmented and often disputed, especially among small and marginal farmers. Land reforms have been inconsistent, further constraining agricultural productivity and rural livelihoods. Affirmative action policies, such as reservations and targeted welfare schemes, suffer from half-hearted implementation. Bureaucratic inertia, political interference, and lack of proper targeting dilute their intended impact.

Corruption remains a pervasive issue, cutting across sectors and levels of government. It erodes public trust and diverts resources meant for the poor. Compounding the issue is the poor auditing and evaluation of development and welfare schemes. Many programmes in rural and semi-urban areas lack transparency, measurable outcomes, or community feedback mechanisms, leading to leakages and inefficiencies. To move forward, we must strengthen institutions, ensure policy continuity, adopt evidence-based programme evaluations, and build a more accountable governance framework. Equitable justice, fair access to income and opportunities, and genuine implementation of reforms are critical to realizing the nation’s full potential.

(The writer is a senior journalist, author and columnist. The views expressed are strictly his personal)