Ex-RBI Governor Stresses Collective Efforts for Viksit Bharat

Rapid Summary

• India needs a GDP of $29.99 trillion by 2047 to achieve “Viksit Bharat” status as a developed country, requiring nominal GDP growth of 11.41% annually and real GDP growth of 7.41% for the next 25 years,according to C. Rangarajan, Chancellor of ICFAI Foundation for Higher Education.
• Speaking at the ICFAI convocation in Hyderabad,Mr. Rangarajan highlighted that six states currently contribute 52% to national GDP, while the remaining States and Union Territories account for just 48%.
• Key strategies for achieving the target include increasing investment rates, adopting new technologies, prioritizing labor-intensive sectors, expanding social infrastructure, and balancing growth with equity.
• He noted that global trade trends influenced by US policies under President Donald Trump could lead to regional trade blocs where countries have freer economic exchanges.
• Justice V. Ramasubramanian emphasized character building alongside career advancement during his address at the convocation.
• The event saw 3,947 students graduate; among them were Ph.D., MBA (Hyderabad), and off-campus graduates (Bengaluru).
• Honorary degrees were conferred on Keshava Parasaran (former Attorney General), Subhash Palekar (creator of ‘Zero Budget Natural Farming’), and Deepak Parekh (former HDFC chairman).

Indian Opinion Analysis

Mr. C. Rangarajan’s projections outline an aspiring path toward transforming India into a developed nation by its centennial independence anniversary in 2047-a goal labeled “Viksit Bharat.” Achieving consistent real GDP growth of over 7% annually across decades will require structural economic reforms paired with investments in technology adoption and equity-focused policies that prioritize marginalized communities.

The geographic disparity emphasized-where six states drive over half of India’s current GDP-reveals an imbalance that could hinder national progress if not addressed through targeted development initiatives in less contributing regions.

Proposed measures like enhanced investment rates or expanding social infrastructure are rooted in sound macroeconomic principles but demand robust political will across governments at different levels.Furthermore, Mr. Rangarajan’s remarks on shifting international trade dynamics highlight uncertainties which could shape India’s role within emerging global economic blocs-a factor critical to long-term strategies like export-driven growth models.

Educational institutions like ICFAI showcasing achievements such as graduating thousands while honoring thought leaders reflect steps toward cultivating future talent aligned with this vision-making these moments resonate beyond ceremonial meaning.

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