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Manufacturing-led transformation for realizing India’s 2047 Vision in the context of a fractured trading system: challenges, opportunities, and strategic interventions

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  • Nagesh Kumar

    (4 Vasant Kunj Institutional Area)

Abstract

India has emerged from the COVID-19 pandemic as the fastest-growing large economy. What are the prospects of India further accelerating its growth rate and emerging as the next growth pole of the world economy, which would be required to realize India’s Vision 2047 of a developed economy? This article explores the key opportunities, prospects, and policy priorities for sustaining India’s growth momentum in a fractured trading system. It argues that a manufacturing-led transformation is imperative for India to realize its development aspirations of building a developed economy by 2047 and to address the challenge of employment creation and sustainable management of the balance of payments. As global companies restructure their supply chains on China + 1 lines, India can potentially leverage its geopolitical and demographic sweet spots to build manufacturing capacities to feed growing domestic and global demand and tap the opportunities presented by the digital and green industrial revolutions. It is concluded with some policy lessons for tapping the opportunities for a manufacturing-led transformation of the country to a developed nation status by 2047.

Suggested Citation

  • Nagesh Kumar, 2024. "Manufacturing-led transformation for realizing India’s 2047 Vision in the context of a fractured trading system: challenges, opportunities, and strategic interventions," Indian Economic Review, Springer, vol. 59(1), pages 155-176, October.
    • Handle: RePEc:spr:inecre:v:59:y:2024:i:1:d:10.1007_s41775-024-00220-4
    DOI: 10.1007/s41775-024-00220-4
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    References listed on IDEAS

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    1. Mr. Arvind Subramanian & Ms. Prachi Mishra & Aaditya Mattoo, 2012. "Spillover Effects of Exchange Rates: A Study of the Renminbi," IMF Working Papers 2012/088, International Monetary Fund.
    2. Amrit Amirapu and Arvind Subramanian, 2015. "Manufacturing or Services? An Indian Illustration of a Development Dilemma - Working Paper 409," Working Papers 409, Center for Global Development.
    3. Reda Cherif & Fuad Hasanov, 2019. "The Return of the Policy That Shall Not Be Named: Principles of Industrial Policy," IMF Working Papers 2019/074, International Monetary Fund.
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