What’s in the news?

• Union Minister Piyush Goyal said that the present government’s ambition is to make India a fully developed nation by 2047 and all efforts are being made in this direction. 
• He said that the government’s ambition is to increase the current $3.7 trillion economy to be a $30-35 trillion economy by 2047 and to ensure food and energy security of the nation.
• India is now the 5th largest economy in the world and is on track to become the 3rd largest GDP by 2027. 

What is a Developed Economy? 

• A developed economy is typically characteristic of a developed country with a relatively high level of economic growth and security. 
• Standard criteria for evaluating a country’s level of development are income per capita or per capita gross domestic product, the level of industrialization, the general standard of living, and the amount of technological infrastructure.
• Non-economic factors, such as the human development index (HDI), which quantifies a country’s levels of education, literacy, and health into a single figure, can also be used to evaluate an economy or the degree of development.

https://pib.gov.in/PressReleasePage.aspx?PRID=2007105