India is working towards becoming a $10 trillion economy and achieving developed nation status by the year 2047, according to V Anantha Nageswaran, the Chief Economic Advisor (CEA) to the Government of India. He shared this ambitious vision while speaking at the India Conclave 2025, hosted by the India Club in association with the London Business School.

During his keynote, Nageswaran outlined India’s long-term strategy which focuses on sustainable development, continuous research and development, policy consistency, and deregulation to foster economic growth and transformation.

Economic Roadmap and Reform Themes

Highlighting the government’s goals, Nageswaran stated that the journey toward becoming a developed economy will rest on four strong pillars:

1. Sustainable development

2. Technological and industrial innovation

3. Trade and tariff reforms

4. Harnessing demographic and skilled labour potential

He touched upon a range of economic sectors, including agriculture, manufacturing, and services, explaining how the China Plus One strategy is pushing India into a more prominent role in global supply chains.

This strategy, which encourages companies to diversify manufacturing bases outside of China, has led to increased foreign interest in India, especially in sectors such as electronics, pharmaceuticals, and textiles.

Impact of Artificial Intelligence on India’s Labour Market

On the topic of Artificial Intelligence (AI), Nageswaran addressed growing concerns about India potentially losing its cheap labour advantage. He offered a more nuanced take:

“It is not entirely true that cheap labour advantage will be lost. It may be in some sectors, in lower-paid value-added services, but paradoxically, many services’ values cannot be replaced. It could be from nursing to elder care to even plumbing and carpentry.”

He pointed out that manual and human-interactive skills such as caregiving and hands-on trades may regain their importance in the AI-driven future, allowing India's skilled but affordable labour force to remain relevant globally.

India’s Global Standing and Role in Education

At the same conclave, Sergei Gureiv, Dean of the London Business School (LBS), emphasised India’s current stature as one of the world’s top three economies and the fastest-growing economy globally.

Gureiv stressed the importance of nurturing productivity among Indian youth, highlighting that Indian students form nearly 19% of the total student base at LBS across all programmes. He reaffirmed LBS's commitment to supporting Indian students through education that unlocks global opportunities and contributes to India’s transformation journey.

This educational partnership, Gureiv said, would empower India to create a globally competent workforce, capable of leading in fields like technology, business, healthcare, and public policy.

Strengthening India–UK Strategic Ties

In addition to the economic discussions, John Nickell, Head of Political and Bilateral Affairs at the British High Commission to India, addressed the changing dynamics of UK-India relations.

Nickell stated:

“As diplomacy has shifted from drawing rooms to dinner tables with the changing times, the UK does not only see India as a strategic partner but also as a force multiplier.”

He cited the Oxford-AstraZeneca vaccine collaboration as a successful example of what the two countries can achieve together in science and innovation. The statement reflects the growing strategic convergence between India and the UK in sectors such as healthcare, pharmaceuticals, education, and climate resilience.

Vision 2047: From Aspiration to Reality

India’s Vision 2047 aligns with its centenary of independence and encapsulates a future where the country is:

• Globally competitive

• Economically self-reliant

• Socially inclusive

• Technologically advanced

• Sustainably developed

According to Nageswaran, achieving a $10 trillion economy by 2047 will not be just about numbers but about improving quality of life, reducing inequality, and building resilience in the economy.

He emphasised:

• Boosting infrastructure with the help of the National Infrastructure Pipeline (NIP)

• Increasing ease of doing business through regulatory simplification

• Focusing on MSMEs, which form the backbone of India’s employment

• Investing in health and education, the twin engines of long-term productivity

The Chief Economic Advisor also called upon the private sector, especially law firms, accounting firms, and consulting companies, to elevate their standards and aspire to become global leaders.

Conclusion

India’s aspirations to become a $10 trillion economy by 2047 and a developed nation are rooted in its evolving policy frameworks, demographic strengths, and international collaborations. Voices like Nageswaran, Gureiv, and Nickell reflect a unified confidence that India is not just rising economically, but also reshaping its role in the global arena.

The path ahead may be complex, influenced by technological disruption, geopolitical shifts, and climate change, but India’s vision is clear—to build a resilient, inclusive, and innovation-driven economy that sets global benchmarks.

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