India needs 7-8% GDP growth for 2047 developed-nation target
To hit developed-nation status by 2047, India needs steady GDP growth of 7% to 8% each year, according to Mahendra Dev, head of the Prime Minister's Economic Advisory Council.
He pointed out that ramping up private investment and boosting exports are key moves for reaching this goal.
Atmanirbhar Bharat means worldwide competitiveness
Dev clarified that Atmanirbhar Bharat isn't only about reducing imports: it's really about making Indian products better and more competitive worldwide.
He added that the government is pushing domestic manufacturing for 100 items and focusing on organic farming to manage fertilizer costs.
Falling global urea prices have helped ease subsidy pressures, but Dev warned that issues like conflicts in West Asia or El Nino could still impact inflation.
Mahendra Dev backs RBI forecasts
Backing the Reserve Bank of India's estimates, Dev said a 6.6% growth rate and 5.1% inflation are realistic given current trends in India and abroad.