Vision docu to make India $30-trn economy by 2047 to be ready by Dec

The document will outline the institutional and structural changes and reforms needed for the transformation.

The document will identify sectors, technologies where India can be a world leader, and suggest measures to leverage the country’s market size and regional disparities, he said.

"…The whole purpose of the vision document is to avoid the middle-income trap…. We are worried about the middle-income trap... India has to cut through the poverty thing and middle-income trap," Subrahmanyam was quoted as saying by a news agency.

The middle-income trap is a situation where a middle-income country can no longer compete internationally in standardised, labour-intensive goods because wages are relatively higher, but it also cannot compete in higher value-added activities on a broad enough scale as productivity is relatively lower, according to the Asian Development Bank.

The document is the result of brainstorming sessions and consultations with industry chambers, export promotion council, think tanks and research institutions.

"Consultations with SGoSs [sectoral groups of secretaries] and thought leaders (including chairman Adani Group Gautam Adani, chairman of the diversified Reliance Industries Mukesh Ambani and Google and Alphabet CEO Sundar Pichai) will take place in November 2023," Subrahmanyam said.

States are also developing their own vision documents, he said.

Countries with annual per capita income of over $12,000 are defined as high-income economies.

ALCHEMPro News Desk (DS)