Strategy:

The strategy should happen at grass root level. Each state has to come out with a plan for Viksit Bharat and compete with each other and should come out with new ideas to get foreign investment in. So centre should encourage competitive federalism among the states to attract foreign investment.

South India is doing really well in terms of aerospace industry. Madhya Pradesh is encouraging and producing millets. So, North Eastern states and Northern states should also specialize in some specific industry. Growth should come from all states and should not remain concentrated in few states.

Each citizen in India should dream of Viksit Bharat from the industrialists to professors, who should have a goal of training their students to contribute to Viksit Bharat.

Tourism:

Religious tourism: It can play a big role in the tourism industry where the Jains, Sikhs, Buddhists and Hindus should come together and propagate religious tourism in the country, involving different states. By collaborating on joint marketing campaigns and developing pilgrimage circuits, these religions can showcase their unique heritage while attracting a broader audience.

Natural tourism: Natural tourism, which encompasses attractions like beaches, hills, deserts, and forests, should be actively promoted by both state and central governments due to its numerous benefits. This sector can create jobs, boost local economies, and generate significant revenue from increased visitor traffic.

Medical tourism: India needs to have health zones where the medical professionals, best doctors and best hospitals should come together and should market it to Arab, African and Latin American countries at low cost to attract medical tourism in the country. These health zones can be spread across the length and breadth of the country, especially in North Eastern and other hilly states. Air connectivity can also be considered as also collaboration with insurance companies of other countries.

Industries:

Defence industry: India has immense potential to enhance its defence industry for both domestic use and exports, which is crucial for fostering self-reliance and bolstering national security. Emphasizing advanced technologies such as AI, robotics, and cyber security will not only modernize defence solutions but also position India as a leader in contemporary warfare.

Textile industry: Given the situation in Bangladesh, India should now focus on overtaking Bangladesh textile industry by reviving Calicut, Punjab, UP, Rajasthan and other states textile companies. By investing in infrastructure, technology, and marketing, India can emerge as a leader in global textile market. This step is crucial to attract new opportunities and to reap the benefits of the ongoing situation. This will also generate employment and will boost the tourism sector.

Pharmaceutical industry: The pharmaceutical industry in India is emerging as a vital sector with immense potential for growth, often referred to as a "sunrise industry." To harness this potential, a multi-pronged strategy is essential, focusing on both geographical and sectoral development. India has demonstrated its capability to produce generic medicines and COVID-19 vaccines at unprecedented speed, showcasing its robust manufacturing infrastructure and skilled workforce. To further capitalize on this advantage, both the central and state governments must prioritize investment in research and development, enhance regulatory frameworks, and promote public-private partnerships.

Inflation targeting:

India had adopted a multiple-indicator approach (MIA) since the Asian Crisis of 1997. This approach involved tracking a variety of economic indicators in order to understand the economy, including: money supply, inflation, interest rates in short-term money markets, exchange rate, credit growth, fiscal deficit, and capital inflows.

But it switched to inflation targeting under the Governorship of Raghuram Rajan in 2013. It is a monetary policy framework that involves central banks publicly announcing and working to achieve a target rate of inflation.

According to a quick small-size survey conducted by me during my stay at IIM Bangalore, the public’s tolerance for inflation is significantly higher than for unemployment. While inflation rates could rise to 15 percent without causing major concern, the pressing issue remained unemployment. More women are now seeking employment opportunities, reflecting a growing recognition of the need for gender equality in the workforce.

Banking:

Banking plan is needed to reach $30 trillion economy by 2047. There have to be milestones to achieve this target. The financial sector will have a crucial role to play with the share of public sector banks, private financial commercial banks and non-bank finance companies. In the next 25 years, how would the stock market develop and the corporate bond market?