India needs 7-8 pc growth to become Viksit Bharat by 2047: EAC-PM Chairman
New Delhi, June 23
India needs 7 to 8 per cent growth to become Viksit Bharat by 2047, which needs more investment from the private sector as well as strong export growth, Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister, said on Tuesday.
Speaking to reporters on the sidelines of a FICCI India event here, he said that "private sector investment is equally important and also export growth important. Prime Minister Narendra Modi has mentioned about 'Atmanirbhar Bharat', that is equally important".
Dev further said that structural reforms implemented over the last few years laid the groundwork for this trajectory.
India's GDP growth was estimated at a robust 7.8 per cent in the January-March quarter (Q4) of 2025-26, as result of which the growth rate for the full financial year works out to 7.7 per cent on the back of a strong performance of the agriculture, construction, and services sectors, according to latest data released by the Ministry of Statistics.
The secondary sector recorded a strong 8.8 per cent growth while the tertiary sector grew by 9.9 per cent, according to the official statement. The primary sector recorded a 3.2 per cent growth, mainly driven by the performance of the agriculture and fisheries sectors.
Manufacturing, trade, repair, hotels, transport, communications and services related to broadcasting, storage, financial, real estate, and professional services sectors have attained double-digit growth during 2025-26, the official statement said.
This reflects the massive investments by the government in big-ticket infrastructure projects, such as highways, railways, ports and airports, which have helped to drive up the growth rate as India continues to be the fastest-growing economy amid the global slowdown.
Dev said he is glad that FICCI is organising this important innovative crop nutrition conclave, and inviting all the stakeholders, including the farmers, on a common platform.
"I'm also happy to know that they have a task force on innovative crop nutrition. As you know, the future of plant nutrition will be a collaborative effort between farmers, industry, and the government," he mentioned.
— IANS
Reader Comments
Impressive growth numbers, especially manufacturing at 8.8% and services at 9.9%. But I'm curious - how sustainable is this when global economies are slowing down? The EAC-PM Chairman's emphasis on private investment and exports is spot on. India has a demographic dividend, but without job creation, that dividend could become a liability. Let's see if the structural reforms he mentioned are deep enough.
Great to see agriculture and fisheries driving the primary sector growth! The crop nutrition conclave is a smart move - our farmers need modern, sustainable solutions. But I worry about the gap between this vision and ground reality. Many small farmers still struggle with access to credit and markets. Viksit Bharat can't be just about highways and GDP; it must mean better education, healthcare, and income for every family. 😊
The 7.7% growth for 2025-26 is impressive, especially with double-digit growth in manufacturing and services. But let's be honest - 'Atmanirbhar Bharat' and export growth are contradictory goals if not carefully balanced. You can't be self-reliant and export-driven simultaneously without strategic thinking. Also, the private sector won't invest unless there's policy stability and ease of doing business improves further. Hope the government walks the talk on reforms.
India's growth story is indeed remarkable in a global slowdown. The focus on infrastructure is paying off. But 7-8% growth for 22 years to reach 'Viksit Bharat' by 2047 - that's a marathon, not a sprint. The challenge will be maintaining this pace amid geopolitical uncertainties, climate change, and domestic challenges like agrarian distress. The crop nutrition task force sounds promising - need more such innovative collaborations.
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