India to become a developed economy of about USD 30 trillion by 2047: NITI Aayog CEO

NITI Aayog CEO BVR Subrahmanyam announced on Wednesday that a vision document is being prepared for India to become a developed economy of about USD 30 trillion by 2047. Prime Minister Narendra Modi will release the document in January 2023. The draft Vision India @2047 document will outline the institutional and structural changes and reforms required for India to become a developed nation by 2047.

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Increasing College Enrolment Rate

Speaking at an event organized by industry body FICCI, Subrahmanyam said the government aims to increase the college enrolment rate in India from 27 percent to 50-60 percent. To achieve this, the government is investing heavily in higher education and plans to revamp the education sector. The college-going population is expected to increase from 4 crore to 8-9 crore, requiring the establishment of thousands of new universities in addition to the existing ones.

Private Sector Involvement in Higher Education

Subrahmanyam emphasized that since states are facing fiscal stress, funds for opening new universities will have to come from the private sector. He also highlighted the need to create education cities like Boston and San Francisco in India, where research and development and innovation can thrive.

Exploiting India's Demographic Potential

Noting that the median age of half of India's population is below 29 years, the NITI Aayog CEO said India has a 25-year window to exploit its demographic potential. While India is poised to become the provider of the largest workforce globally, Subrahmanyam expressed concern that 13 lakh Indian students leave the country each year to pursue higher education. He emphasized the need to take steps to attract more international students to India.

Impact of Technology on Higher Education

Highlighting the importance of emerging technologies in the higher education sector in India, Subrahmanyam said technology will significantly impact the sector. He urged universities to embrace artificial intelligence (AI) to stay relevant and competitive.

The vision document for India to become a developed economy by 2047 is a significant step towards outlining the necessary institutional and structural reforms. Increasing college enrolment rates, attracting international students, and leveraging technology will play crucial roles in achieving this vision. The government and private sector must collaborate to create a conducive environment for higher education and research to drive India's progress towards becoming a developed nation.