India's Ambitious Path to Development by 2047: Challenges and Strategies

NITI Aayog CEO BVR Subrahmanyam emphasized India's ambitious goal to become a developed nation by 2047, highlighting the challenges with maintaining a 7-7.5% growth rate over 25 years. Achieving this target requires navigating complex economic and environmental factors, while also aiming for net-zero emissions by 2070.

Speaking at the launch of NITI Aayog's 11 reports on 'Viksit Bharat' and 'Net Zero,' Subrahmanyam stated that climate action and economic growth can go hand-in-hand, envisioning India as a USD 30 trillion economy. He elaborated on a five-point strategy for this transition, emphasizing the importance of electrification, demand management, and sustainable resource use.

Subrahmanyam underscored India's need for approximately USD 22 trillion in funding for energy and green transitions by 2047, with around USD 6 trillion necessitated from international finance. Despite challenges, he remains optimistic that India can simultaneously grow economically and reduce greenhouse emissions, an unprecedented global feat.