Economists say land, business reforms key for Viksit Bharat by 2047

Economists have said that resolving domestic policy bottlenecks, particularly through comprehensive land reforms and improving the ease of doing business, will be critical for Prime Minister Narendra Modi's 'next-generation reforms' and India's journey towards 'Viksit Bharat' by 2047. Rediff.com reports that in his Independence Day address, Modi outlined 'Sapta Dhara', or seven streams of strength including manufacturing and infrastructure, to drive economic transformation.

Madras School of Economics Director N R Bhanumurthy said the road ahead needs more micro reforms, especially easing land acquisition by addressing gaps in land records. Crisil Chief Economist DK Joshi noted that India should look inward and address long-standing policy bottlenecks amid external uncertainties. Land reforms remain a state subject, so state governments must also ramp up efforts.

The government aims to increase manufacturing's share of GDP to 25 per cent by 2035 from around 16-17 per cent currently. Net FDI inflows into India fell to $7.65 billion in FY26 from an annual average of about $40 billion between FY20 and FY22. The government is likely to introduce an updated model Bilateral Investment Treaty soon, after Finance Minister Nirmala Sitharaman announced a review in the FY26 Budget.