Shaktikanta Das highlighted that India’s next phase of economic development will require a balanced approach. While strengthening domestic industries and capabilities, the country will also need to remain actively connected with international markets.
The expansion of global trade opportunities can help Indian businesses access new markets, attract investment and become a stronger part of international supply chains. At the same time, developing critical technologies within the country can improve India’s long-term economic resilience.
Reforms to Support Viksit Bharat 2047
According to Das, maintaining the pace of structural reforms will remain important as India works toward the Viksit Bharat 2047 objective. The focus will not only be on economic growth but also on building stronger financial systems, improving technology capabilities and developing skilled human capital.
Investment in education, skills and workforce development can play an important role in preparing India for industries driven by advanced technology and changing global demand.
Global Uncertainty Remains a Key Risk
Das also pointed to several challenges facing the global economy. Higher debt levels, restrictive monetary policies, geopolitical tensions, volatile energy prices and inflation could continue to create uncertainty for businesses and investors.
These global developments may influence capital flows, borrowing costs and economic growth across countries. Therefore, strengthening India’s domestic economic fundamentals could become increasingly important.
India’s Economic Resilience
Despite the uncertain global environment, Das said India remains relatively resilient. Structural reforms implemented over the past decade have helped create a stronger foundation for the economy.
He also noted that India is better positioned to deal with global oil price shocks than it was in the past. Going forward, continued reforms, stronger domestic capabilities and deeper integration with global markets are expected to remain important parts of India’s economic strategy.
The broader objective is to create an economy that can sustain high growth while developing the capabilities needed to compete globally. Das said the Viksit Bharat 2047 vision remains achievable, with the next phase of reforms expected to play a crucial role in turning that objective into reality.
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