India will be a Rs.469 lakh crore, or $7.2 trillion, economy by 2030, growing at an average rate of 8%, Niti Aayog, the government's premier think-tank, has projected as part of its 15-year vision document.
This would be a more than three-fold expansion from Rs.137 lakh crore, or $2.1 trillion, in 2015-16. The increase of Rs.332 lakh crore ($5.1 trillion) in 15 years compares with the addition of $8.1 trillion in China's GDP over the past 15 years.
India's economy grew by 7% in the third quarter of 2016-17 compared with 7.4% in the second quarter. The Central Statistics Office retained its projection of 7.1% growth in 2016-17, slowing from 7.6% in the previous financial year. The IMF estimated India's GDP growth at 7.2% for 2017-18.
The Aayog has already circulated a draft three-year action plan to all states as a roadmap that will help India achieve the government's 15-year vision, which it is currently preparing. The three-year action plan will replace the decades old five-year plans and are aimed at transforming the planning process in the country.
There were over 300 specific action points that had been identified, covering a whole gamut of sectors. The period of the action agenda coincided with the period of the 14th Finance Commission's award. The other six parts of the plan talk about all sectors, India's growth, connectivity, governance, social sectors and sustainability.
Drawing inspiration from the PM's vision, the idea is to transform India into a prosperous, highly educated, healthy, secure, corruption-free, energy abundant, environmentally clean and globally influential nation by 2031-32.
Since the government has done away with five-year plans from April 1, 2017, it is imperative the new action plan is put into place at the earliest to guide various central ministries, departments and states to achieve the goal of `Vision 2030' document.
The 12th Five-Year Plan, which was the last of its kind in the series, was terminated on March 31, 2017.