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Identifying the Income Gap for Viksit Bharat
Ajay S Shriram, Chairman and Senior Managing Director of DCM Shriram Ltd, stated that raising India's per capita income to levels seen in developed economies will be a major challenge as the country works toward its Viksit Bharat 2047 goal. Speaking at the Pathways to Viksit Bharat event, Shriram highlighted the significant disparity between India's current economic standing and the benchmarks set by advanced nations.
Shriram cited specific figures to illustrate this gap. He noted that India's current per capita income stands at USD 2,800. In contrast, he stated that developed countries are ranked at a per capita income level of USD 14,000. Describing the task of bridging this divide as "a big task," Shriram expressed approval of the government's ambition to move in that direction.
Requirements for Economic Transformation
Shriram emphasized that achieving developed-country status by 2047 requires coordinated action across multiple sectors. He stressed the need for collective efforts from the government, industry, and citizens to realize this objective. According to Shriram, this effort must encompass all sections of the economy, including agriculture, manufacturing, services, and businesses.
The chairman noted that while the ambition exists, the execution demands sustained engagement from every stakeholder in the national economy. He indicated that no single entity can achieve the transition alone; rather, it requires a unified approach involving public policy, private sector investment, and civic participation.
Geopolitical and Climate Headwinds
Despite the long-term goals for economic development, Shriram acknowledged immediate obstacles facing the Indian economy. Speaking on the sidelines of the event, he expressed confidence in India's economic growth potential while simultaneously pointing out external pressures that complicate this trajectory.
Shriram noted that world geopolitics and climate change have created dislocations that are currently impacting various sectors. Specifically, he pointed to the El Niño effect as a factor contributing to these disruptions. These environmental conditions, combined with global geopolitical tensions, have posed challenges to stability, particularly within the agriculture sector.
Even with these headwinds, Shriram maintained that the path toward Viksit Bharat remains viable provided that the necessary collective efforts are mobilized across all levels of society and industry.
