Doubts swirl as India aims to be a developed economy by 2047: ‘there is a big gap’
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Indian Prime Minister Narendra Modi's ruling Bharatiya Janata Party (BJP) has pledged to make India a developed economy by 2047, but economists have doubts due to stalled reforms, high business costs, and uneven development. Despite India's strong economic growth, there are legacy issues that need to be addressed for India to achieve developed nation status. To achieve inclusive growth, India needs to prioritize reforms in land and labor laws, as well as capital availability. The country's business environment remains challenging, hindering foreign direct investment. While some global manufacturers have expressed interest in opening factories in India, there are concerns over high import duties, slow government approvals, and opaque rules. India needs a clear strategy to improve efficiencies, boost manufacturing, and create jobs in order to climb up the income ladder and become a developed economy.
#India #Economy #NarendraModi #BharatiyaJanataParty #Reforms #BusinessEnvironment #ForeignDirectInvestment #InclusiveGrowth #LandAndLaborLaws #CapitalAvailability #Manufacturing #Jobs