India needs to avoid the Middle-Income trap: NITI document

PTI, Jul 28, 2024, 9:24 AM IST

New Delhi: Upgrading capabilities in manufacturing and logistics and bridging the gap between rural and urban incomes are some of the structural challenges that India needs to address, according to a document prepared by NITI Aayog.

In the document titled ‘Vision for Viksit Bharat @ 2047:An Approach Paper, the Aayog said India needs to avoid the Middle-Income trap and carefully work towards breaking out of it.

This document was discussed during NITI Aayog’s ninth Governing Council meeting chaired by Prime Minister Narendra Modi.

It noted that the country needs to achieve a balance between energy, security, access, affordability and sustainibility.

The document said improving the competitiveness of industry is equally necessary for the transformation of the country’s agricultural workforce into an industrial workforce and making India a global manufacturing and service hub.

Noting that a vision for India cannot be the work of a few individuals or of one government, the document said it has to be the result of the collective efforts of the entire nation.

According to the document, India is at a turning point in its history and the 21st century can be India’s century, as the country pole-vaults into the future confident of its capabilities.