India's Path to Viksit Bharat: The Role of AI and Youth in Driving Economic Growth

India's Ambitious Journey to Viksit Bharat: The Role of AI and Youth

India is on the cusp of a transformative journey, aiming to become a developed nation by 2047. At the 58th Convocation Ceremony of the Indian Institute of Foreign Trade (IIFT) in New Delhi, Union Commerce and Industry Minister Shri Piyush Goyal delivered a visionary address, emphasizing the pivotal roles of artificial intelligence (AI), technology, and the youth in this ambitious goal.

Harnessing the Demographic Dividend

India's demographic edge, with an average age of 28.4 years and 2.3 million STEM graduates annually, positions the country uniquely to lead the global digital revolution. Shri Goyal highlighted the energy and resilience of the youth, urging them to harness their skills and vision to propel India toward Viksit Bharat 2047.

Key points:

• India's young population is a powerful asset in navigating the VUCA (volatile, uncertain, complex, and ambiguous) world.
• The government's focus on resilience, inclusiveness, and sustainability is crucial for bridging the rural-urban divide and reducing poverty.
• India is already the world's fastest-growing large economy, with strong macroeconomic fundamentals and an investment climate attracting over 2,500 global companies.

Technology as the Catalyst for Growth

Shri Goyal underscored the importance of AI, robotics, machine learning, quantum computing, and innovation in driving India's growth story. He emphasized the need for self-reliance in technology, particularly in areas such as operating systems, deep tech, and cybersecurity. These advancements are not only reducing dependence on foreign systems but also empowering industries and uplifting marginalized communities.

Projections suggest a 30% increase in technological adoption across sectors, leading to significant economic benefits:

1. Enhanced Productivity: AI-driven systems can optimize processes, reducing costs and increasing efficiency.
2. Innovation in Industries: Emerging technologies are opening new avenues for innovation, creating a dynamic and competitive business environment.
3. Empowerment of Marginalized Groups: Technology can provide equal opportunities, bridging the digital divide and fostering inclusive growth.

Inspiring the Next Generation of Leaders

The Minister shared his personal experience of running a skill development center in Mumbai in collaboration with CII, NSDC, IBM, and Kyndryl. He observed how students from modest backgrounds quickly adapted to cybersecurity training, reflecting India's innate ability to embrace knowledge and innovation. This adaptability is crucial for achieving the ambitious goal of growing from a $4 trillion economy to a $30–35 trillion economy in the coming decades.

Key advice for graduates:

• Dream big and aspire beyond the ordinary.
• Continuously learn, reskill, and stay attuned to global megatrends.
• Build on lifelong friendships and networks nurtured at IIFT.
• Work hard with resilience and smartness to seize opportunities.

The Bottom Line

India's path to Viksit Bharat 2047 is paved with the potential of its youth, the power of technology, and the vision of a government committed to sustainable and inclusive growth. By leveraging these assets, India is poised to shape a future of prosperity, self-reliance, and global leadership.