Government is finalising a national vision plan to make India a developed nation by 2047

The government is working to complete a national vision plan that would see India developed by 2047 and prevent it from falling into the middle-income trap, which has been experienced by a number of nations at similar developmental stages. A $30 trillion economy with a per capita income of $18,000–20,000 is what Prime Minister Narendra Modi is expected to unveil within the next three months. The plan includes an outline of reforms and outcomes to be achieved by 2030 along with structural changes in governance that will be necessary to make India a $30 trillion economy by 2047.

The plan known as "Vision India@2047," which has been in the works for over two years and was submitted to Cabinet Secretary Rajiv Gauba last Monday, is currently receiving final touches from the Niti Aayog. To get their thoughts, thought leaders—including business titans like Tim Cook, Sundar Pichai, Gautam Adani, Mukesh Ambani, K.M. Birla, N. Chandrasekharan, and Indra Nooyi—will participate in parleys in November. B.V.R. Subrahmanyam, the CEO of Niti Aayog, stated on Sunday that "we will have the draught version of the plan ready by December, and several States are also in the process of preparing their own road maps." The national strategy also aims to address regional differences in government process changes and economic growth.

“The biggest thing we’re all worried about is what is called the middle-income trap. You can reach a $5,000-$6,000 per capita income, and then will not move fast. The whole purpose of the vision is to avoid that and take the country to the next level,” he said, using Argentina as an example, which has consistently fallen short of expectations.