Viksit Bharat 2047 Achievable, Says Dr. Panagariya

New Delhi, May 3, 2025:The Isaac Centre for Public Policy (ICPP) at Ashoka University inaugurated itsfirst Annual Growth Conference 2025today at the Taj Mahal Hotel, New Delhi. Centered on India’s medium-term growth and development trajectory, the conference convened eminent policymakers, economists, regulators, and thought leaders to engage in substantive policy dialogues on key issues critical to the nation’s economic development.

The first day of the conference was graced by leading government stakeholders, economists and regulators includingShri N.K. Singh, Chairman of the 15th Finance Commission and former Member of Parliament (Rajya Sabha), Dr. Arvind Panagariya, Chairman of the 16th Finance Commission, Shri Ajay Seth, Finance Secretary and Secretary, Department of Economic Affairs, Justice V. Ramasubramanian, former Judge of the Supreme Court of India,amongst others.

Setting the context with the first session focused on Macro-Public Finance,Prachi Mishra, Professor of Economics, Director and Head of the Isaac Centre for Public Policy, Ashoka University,highlighted that the world is witnessing a shift towards a new global trading order with significantly higher tariffs, particularly in the United States.“We are in a new global order, and tariffs in the United States are perhaps the highest in a century. We are talking about an additional 20 percentage points more of effective tariffs on goods imported into the United States. Of course, other countries have retaliated and probably are going to do so in the future. So global tariffs are going to be much higher in this new world trading order as well,” she added. She further emphasized the possible impacts of high tariffs on the global economy, calling it a time of heightened uncertainty.

Speaking about the Indian economy, Prachi Mishra highlighted that while significant structural reforms have been undertaken over the past decade, the economy is currently experiencing a cyclical slowdown, with challenges persisting in areas such as manufacturing growth, private investment, and fiscal consolidation.

The first panel discussion on Macro-Public Finance featured esteemed dignitaries includingShri N.K. Singh, Chairman of the 15th Finance Commission and former Member of Parliament Rajya Sabha as the moderator, and Dr. Arvind Panagariya, Chairman of the 16th Finance Commission, Shri Ajay Seth, Finance Secretary and Dr. Prachi Mishra, Head and Director of ICPP as the panelists.

Discussing in detail about India’s current economic scenario and the global uncertainty,Dr. Arvind Panagariya, Chairman of the 16th Finance Commissionreiterated,“Macroeconomists are often seen as pessimists, but I’m optimistic. Looking at the short run, we experienced a sharp dip during the COVID crisis with a negative GDP growth of about -5.6%. However, we came out of it remarkably well, with strong recoveries in subsequent years, growing 9.7% in 2021-22 and 7.6% in 2022-23. 23-24, we grew 9.2 percent, in 2023-24, we grew by 9.2%, and the latest advance estimate for 2024-25 stands at 6.4%. All things considered; that’s indeed a remarkable recovery.”

Discussing the long-term vision,Dr. Panagariyaemphasized India’s ambition to achieve “Viksit Bharat,” or a developed India, by 2047, marking the 100th year of independence. He stated,“The Prime Minister has set an ambitious goal for India to achieve developed country status by 2047. This will require us to grow per capita income by about 7.3% annually. While it’s a challenging target, the growth trajectory over the past few decades, despite multiple shocks, provides a strong foundation for optimism.”

Highlighting Bihar’s economic challenges, Dr. Arvind Panagariya provided insights into the state’s growth trajectory and the role of fiscal transfers in bridging disparities among states. He explained the history of Bihar’s economic performance, highlighting that, despite some growth in recent years, the state’s progress has been slower compared to other states like Karnataka. Dr. Panagariya emphasized the role of private sector development and urbanization as key factors in addressing these challenges.

The second panel discussion on regulations included eminent speakers and experts includingJustice V. Ramasubramanian, former Judge of the Supreme Court of India; Dr. K.P. Krishnan, Distinguished Fellow at ICPP and former Secretary to the Government of India; Smt. Anuradha Thakur, Additional Secretary at the Ministry of Corporate Affairs; and Dr. Rajeev Singh Raghuvanshi, Drugs Controller General of India.

Justice V. Ramasubramanian reflected on the role of judicial interpretation in shaping regulatory frameworks and said,“I was delighted to be invited for this inaugural annual conference. In an age where information overload has diminished independent thought, it’s crucial that we stop reading mindlessly and start thinking critically.”

Dr. Rajeev Singh Raghuvanshi, Drugs Controller General of India, provided perspectives from the healthcare and pharmaceutical sectors, emphasizing the critical need for balancing innovation with public safety.

The discussions on Day 1 laid a strong foundation for identifying actionable pathways to drive India’s growth and regulatory modernization over the coming decade. It also reflected the commitment with which ICPP was established – to create a research environment where experts across domains will help find scalable solutions to pressing and complex policy challenges in areas such as economic development, labour and employment, healthcare, gender and fiscal policy etc.

Established through a grant from the Ajit Isaac Foundation (AIF), a philanthropic organisation created by the Founder & Chairman of Quess Corp Ltd., Ajit Isaac and his wife, Sarah Isaac, the ICPP also works and collaborates with leading public, private and non-profit sector stakeholders to identify research gaps linked with policy making and implementation.

This Annual Growth Conference will continue till Saturday, 3rd May 2025, with sessions dedicated on employment and labour, agriculture and the rural economy, and the role of developed states in India’s broader development journey.