8% Growth For 20 Yrs Key For Viksit Bharat

New Delhi: India needs to grow at 8 per cent for up to two decades to become a developed nation by 2047, the Economic Survey said on Friday, pitching for a slew of reforms, including land and labour, to achieve the ambitious target.

It further said that to achieve this growth, the investment rate must rise to 35 per cent of GDP, up from the current 31 per cent, and develop the manufacturing sector further and invest in emerging technologies such as AI, robotics, and biotechnology. India will also need to create 78.5 lakh new non-farm jobs annually till 2030-32, achieve 100 per cent literacy, develop the quality of our education institutions, and develop high-quality, future-ready infrastructure at scale and speed.

“The faster economic growth that India needs is only possible if the union and state governments continue to implement reforms that allow small and medium enterprises to operate efficiently and compete cost-effectively. The focus of reforms and economic policy must now be on systematic deregulation,” the Economic Survey 2024-25 said.