Govt appoints BCG to ready vision 2047 blueprint | Mint

Govt appoints BCG to ready vision 2047 blueprint

The vision document  is expected to be unveiled by the Prime Minister Narendra Modi. (PTI)
The vision document is expected to be unveiled by the Prime Minister Narendra Modi. (PTI)

Summary

  • The vision document will outline an economic strategy towards becoming a middle-income nation by leveraging India’s strengths in industry, services, agriculture, trade and human capital while improving the governance systems and access to public goods

NEW DELHI : The government has hired Boston Consulting Group (BCG) to help prepare the Vision 2047 document that will set India’s medium-term goals and priorities for becoming a developed economy in the next quarter of a century, two people aware of the development said.

The vision document, expected to be unveiled by the Prime Minister Narendra Modi, will outline an economic strategy towards becoming a middle-income nation by leveraging India’s strengths in industry, services, agriculture, trade and human capital while improving the governance systems and access to public goods. Making economic progress inclusive will be a key element of the vision document.

“There are different parts to the vision document. Considerable work has already been done by the government. Besides the government, think tanks and other agencies are also contributing to this major exercise in some ways," said one of the two people, suggesting that multiple external agencies may contribute to the blueprint.

The second person said the suggestions and inputs from various agencies will be integrated at the government level to have a cohesive action plan. NITI Aayog is driving the efforts, assisted by a panel of top bureaucrats.

An external professional agency has been hired to help with the vision document, given the multi-disciplinary expertise a global consulting firm can bring to the table.

E-mailed queries to spokespeople for BCG, NITI Aayog and the Prime Minister’s Office on Monday remained unanswered.

The first person said preparing a medium-term blueprint entails figuring out the long-term impact of policy steps that may not be apparent immediately.

“Once the different parts of the vision are integrated, it is up to the prime minister when to unveil it," the person said.

Experts said India needs to address certain structural issues and also invest in human capital to take advantage of the demographic dividend to achieve steady growth over a long period.

“We have to ensure that suitable savings and investment rates are sustained in the range of something like 33-35% of GDP (gross domestic product) so that a potential economic growth rate in the range of 6-7% is maintained throughout the period from now until 2047. We should then prepare the economy for dealing with any cyclical forces that may emanate from global developments so that we depend more and more on domestic demand for sustaining growth and minimize any volatility," said D.K. Srivastava, chief policy advisor at EY India.

Srivastava also explained that India has to ensure that we take advantage of our demographic dividend, which would require generating enough employment opportunities, especially for the female labour force, where there is a considerable surplus in the form of employable women. “For this, we have to provide for their education, training and skilling," Srivastava said.

It is also critical for India to provide for internal natural calamities, which can also make growth unstable.

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