homeeconomy NewsWill make India a developed country in 25 years, says PM Modi at Vibrant Gujarat Summit
Will make India a developed country in 25 years, says PM Modi at Vibrant Gujarat Summit
"In the rapidly changing world order, India is going ahead as 'vishwa mitra'. India has given hope to the world that we can decide on common goals and achieve them," PM Modi said.
Prime Minister Narendra Modi on Wednesday, January 10, said the world looks at India as an important pillar of stability, a trusted friend, an engine of growth in the global economy, a technology hub for finding solutions and a powerhouse of talented youth. Modi was speaking at the inauguration of the 10th edition of the Vibrant Gujarat Global Summit. The summit saw participation of state heads and top CEOs of private companies.
"Recently, we celebrated 75 years of India's independence and in the next 25 years we will celebrate 100 years. These 25 years is 'amrit kaal' for India. We have set a goal of making India a developed country in the next 25 years," Modi said.
On August 15, 2023, from the ramparts of Red Fort in the national capital, Modi had said India will be a developed country by 2047.
What is a developed country
A developed country has a mature economy. These countries have advanced technological infrastructure and diverse industrial and service sectors. Citizens of these countries majorly enjoy access to quality healthcare and higher education.
How is a country considered "developed"?
There are economic and non-economic factors to determine if a country is developed or not. The economic factors include per capita income, level of industrialisation, the general standard of living and technological infrastructure.
The non-economic factor is human development index.
Per capita income
The main benchmark is per capita income which is derived by dividing a country's gross domestic product (GDP) by its total population.
According to the World Bank, India's per capita income is around $2,400. At the same time, USA's and China's per capita incomes are $76,400 and $12,700, respectively.
Human Development Index
The United Nations' HDI includes literacy rate, education access and healthcare. The countries are scored between 0 and 1 based on these three parameters. A country with an HDI index over 0.8 is generally considered developed.
Which Asian countries are "developed"?
As per the International Monetary Fund — Australia, Hong Kong, Japan, Korea, New Zealand, Singapore, and Taiwan can be categorised as developed countries.
"Emerging" or developing economies includes China, India, Malaysia, Thailand, Philippines and Vietnam.
First Published: Jan 10, 2024 3:03 PM IST
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