Thirty years of economic reforms in India have benefited citizens unevenly. The development of the “Indian model” should focus on creating wealth at the base of the pyramid. By 2047, it will be the same as the United States and China.
Bold economic reforms helped US gain $ 266 billion resulting in GDP growth in 1991 more than ten times.
India has transformed from a lean economy in 1991 to a sufficient economy in 2021. Now, India must transform itself into an economy where everyone enjoys sustainable abundance and just prosperity by 2051. In India, equity will become the core of the economy. In 1991, India showed foresight and courage in changing its economic direction and determinants.
Critical infrastructure has been improved beyond recognition. Indian highways, airports and ports are now world-class, as are many of the industries and services.
The road ahead, Ambani said, is not easy. So far, the benefits of economic reforms for Indians have been uneven. This difference is neither acceptable nor sustainable.
For a long time, we have only measured wealth from both personal and financial aspects. The country will become prosperous as it expands its market. Our greatest advantage lies in the domestic market in mainland India, which is still largely untapped.
Traditionally, India has been very innovative in low-tech activities. Now the Indian model will use high-tech tools to replicate these skills so that they can become drivers of faster growth. Innovation will help entrepreneurs provide high-quality but extremely affordable services and solutions to meet the needs of India. The same can also be provided to the export market, where they will get higher value .