India's ambitious goal of becoming a developed nation by 2047 ('Viksit Bharat') hinges on its ability to decisively escape the middle-income trap. This paper provides a strategic roadmap for achieving this transition, presenting contrasting development scenarios (base and optimistic) and outlining key mitigation strategies. Our analysis emphasizes the crucial role of accelerated and sustainable infrastructure development, transformative human capital development, robust institutional reforms, a vibrant culture of innovation promotion, strategic economic diversification, and the imperative of inclusive growth as the essential pillars for building a path to sustainable and equitable prosperity.