Realising the Viksit Bharat vision will require a context-specific approach. This includes removing the barriers to growth, ensuring greater participation of women in the economy and administration, leveraging private sector’s capabilities, and embracing green growth as a cornerstone of progress
Dismantling barriers to growth will require targeted interventions including skill-building and affordable child care. Policies must specifically target practices such as discriminatory hiring and pay disparities. Today, less than 15per cent of the Indian Lok Sabha is female, although close to 45per cent of elected representatives in the Panchayats are women. Women constitute roughly 20per cent of the serving IAS cadre. By 2047, India must cultivate an ecosystem that empowers and propels more women into leadership roles at the highest levels of governance.
Involve private sector
Since the economic liberalisation of 1991, the private sector has been a key driver of India’s economic growth with companies like Tata, Reliance and Infosys bringing Indian industry to the world stage. In the years to come, the private sector’s role will only expand with the sector leading the development and adoption of artificial intelligence, renewable energy and green manufacturing. The renewable energy sector in India in particular is poised for significant growth, with companies including the Adani Group leading the transition.
Complementing the large-scale efforts of larger corporations, India has also seen an explosive rise in start-ups and micro, small, and medium enterprises (MSMEs) fueled by Government initiatives such as the Start-up India campaign. Consequently, India’s start-up system has prospered and driven innovation across sectors ranging from fintech to health tech. As of 2024, India ranks third globally in the total number of start-ups, according to the Department for Promotion of Industry and Internal Trade (DPIIT).
Companies like Zomato and Swiggy have revolutionised the way we dine, while Paytm has reshaped India’s digital payments landscape.
Sustaining this momentum requires addressing critical bottlenecks, particularly in infrastructure. India needs to invest heavily in infrastructure, from smart cities to high speed rail networks. Public private partnerships have proven successful in cases such as the Delhi metro as well as in aviation, where India is one of the fastest growing markets in the world.
Adani Ports and SEZ Ltd. has transformed India’s logistics sector by creating world-class port infrastructure, enabling seamless trade and strengthening India’s global economic footprint. Going forward, collaboration in sectors such as healthcare, education, and technology will be essential. Companies can provide the capital and expertise needed to modernize public systems, while the Government ensures equitable access and oversight.
Public technology
Beyond traditional sectors, the emergence of innovative platforms like the Open Network for Digital Commerce (ONDC) shows the transformative potential of technology-driven private initiatives. ONDC is democratising e-commerce by connecting small retailers to digital marketplaces, fostering inclusivity by ensuring that even the smallest businesses can thrive in a digital economy. Since its inception, consumers from over 1100 cities and towns have leveraged its network, and totalled more than 15 crore transactions.
By March 2025, the platform expects more than 3-4 crore transactions a month. ONDC and similar initiatives can revolutionise commerce, reducing regional disparities and promoting equitable economic growth.
Beyond fostering innovation, the private sector must contribute to employment generation. This will require substantial investments in reskilling the workforce. It will also demand closer partnerships between industry, universities and research institutions, as well as the growth of distance and online learning to enhance access and equity in education. BIB