India's 2047 Vision: Economic Superpower in the Making

NEW DELHI: India's aspiration to achieve economic superpower status by 2047, the centenary of its independence, faces a complex landscape of opportunities and challenges. Renowned economist Arvind Subramanian recently underscored the nation's post-pandemic recovery while cautioning against a potential slowdown due to waning investor confidence and limited innovation. He emphasized the critical need for India to leverage the "China plus One" strategy, capitalizing on the global re-evaluation of supply chains to drive export-led growth.

However, significant hurdles remain. The rise of global protectionism threatens to disrupt India's trade ambitions. Furthermore, a lack of robust indsutrialization in key sectors hinders the nation's manufacturing competitiveness. Subramanian also raised concerns about the potential impact of political centralization on India's democratic institutions, emphasizing that a vibrant democracy is crucial for long-term economic stability and sustainable growth.