India's goal of achieving Viksit Bharat by 2047 is crucial for the country's development, and it requires a strong statistical framework. Principal Secretary to the Prime Minister PK Mishra recently emphasized the importance of credible statistics and data harmonisation in shaping policies based on reliable evidence.
Mishra made these remarks while inaugurating the Conference of State Planning, Finance and IT Secretaries in New Delhi, organised by the Ministry of Statistics and Programme Implementation (MoSPI). He stated that a robust statistical system is essential for evidence-based policymaking and achieving the vision of Viksit Bharat.
Key Takeaways
- India aims to achieve Viksit Bharat by 2047, requiring a strong statistical framework and financial sector support.
- A robust statistical system is essential for evidence-based policymaking and achieving the vision of Viksit Bharat.
- The financial sector must adapt to the changing needs of the economy, by providing innovative financing solutions and promoting entrepreneurship and innovation.
What is Viksit Bharat and its significance
Viksit Bharat refers to the vision of a developed India by 2047. It involves various aspects of development, including economic growth, social progress, and environmental sustainability. Achieving this vision requires a strong statistical framework that can provide reliable data and evidence for policymaking.
Role of statistics in India's development journey
Statistics play a crucial role in India's development journey. Mishra stated that statistics, data, technology, planning, and governance are increasingly interconnected elements of India's development. A robust statistical system must enable governments to measure development progress across states and districts, assess policy outcomes, identify gaps, and ensure that public resources deliver the intended results.
Updating methods for measuring economic activity in the digital age
Mishra stressed the importance of updating methods used to measure economic activity. He said that India's statistical framework must keep pace with the economy's growing digitalisation, formalisation, and interconnectedness. This requires the use of new data sources and methods, such as big data analytics and machine learning, to provide more accurate and timely estimates of economic activity.
By the numbers
- 2047: The year by which India aims to achieve the vision of Viksit Bharat.
- 13th SBI Banking and Economics Conclave 2026: The event where Mishra urged the financial sector to finance the next generation of Indian businesses.
- 2026: The year when Mishra emphasized the need for a shift in the financial system's approach, from accommodating growth to enabling growth.
Financial sector's role in achieving Viksit Bharat: Challenges and opportunities
Mishra also emphasized the importance of the financial sector in achieving the vision of Viksit Bharat. He said that the financial sector should look beyond supporting India's immediate economic expansion and focus on providing capital to the next generation of businesses. This requires a shift in the financial system's approach, from accommodating growth to enabling growth.
Mishra pointed out that banks alone would not be able to meet the financing requirements of a significantly larger and more advanced economy. He called for stronger corporate bond and equity markets, along with a greater role for institutional investors and infrastructure funds.
Implications for India's development and growth
The achievement of Viksit Bharat has significant implications for India's development and growth. It requires a coordinated effort from all stakeholders, including the government, financial sector, and private sector. The use of robust statistics and data analytics can help identify areas of improvement and optimize resource allocation.
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Way forward: Strengthening statistical frameworks and financial systems
To achieve the vision of Viksit Bharat, India needs to strengthen its statistical frameworks and financial systems. This requires investments in data infrastructure, capacity building, and technology-enabled governance. The financial sector must also adapt to the changing needs of the economy, by providing innovative financing solutions and promoting entrepreneurship and innovation.
Expert perspective: Challenges and opportunities
According to experts, achieving Viksit Bharat requires addressing several challenges, including improving data quality, enhancing statistical capacity, and promoting private sector participation. However, the opportunities are significant, with the potential for India to become a leading global economy.
What to watch next: Key milestones and indicators
As India works towards achieving Viksit Bharat, several key milestones and indicators will be crucial to watch. These include the development of a robust statistical framework, the growth of the financial sector, and the progress of key economic indicators such as GDP growth and poverty reduction.
Frequently Asked Questions
What is Viksit Bharat?
Viksit Bharat refers to the vision of a developed India by 2047, involving various aspects of development, including economic growth, social progress, and environmental sustainability.
Why is a robust statistical framework important for achieving Viksit Bharat?
A robust statistical framework is essential for evidence-based policymaking and achieving the vision of Viksit Bharat, as it provides reliable data and evidence for policymaking.
What is the role of the financial sector in achieving Viksit Bharat?
The financial sector plays a crucial role in achieving Viksit Bharat, by providing capital to the next generation of businesses and supporting India's economic expansion.
