To become "Viksit Bharat" by 2047, India has to maintain a steady economic growth rate of 7 to 8%. This objective is largely dependent on a resurgence of private sector investments and strong export growth.
Speaking to the media at the FICCI India Innovative Crop Nutrition Conclave 2026, Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), said that structural changes carried out over the previous few years set the stage for this trajectory.For Viksit Bharat to grow by 7% to 8%, investment is required. Therefore, both export growth and private sector investment are crucial. Atmanirbhar Bharat has been brought up by the prime minister. That is just as crucial," Dev remarked.

He emphasized that in order to reach international standards, the domestic market needs to improve both its competitiveness and product quality.
The EAC-PM Chairman explained that the policy framework does not represent a retreat from international commerce while discussing the concept underlying the self-reliant India program. Rather, the emphasis is still on developing domestic capacity to take use of the nation's present technological and demographic advantages.Over the years, we have implemented numerous reforms, and we will keep doing so in the years to come. Therefore, Atmanirbhar Bharat does not imply import substitution; rather, we are essentially arguing that local competition should raise product quality in order to promote exports," Dev continued.

"We have demographic advantage and technology improvement skills," he added. Thus, by 2047, all of these factors will result in Viksit Bharat.
In order to lessen reliance on imports, the government created a list of 100 products for which domestic production can replace imports. This tactic is a component of a larger strategy to protect the economy from outside threats, combined with continuous initiatives to make living and conducting business easier.Geopolitically, the government has prepared for emergencies starting with the COVID-19 pandemic. Therefore, we are likely to be able to resist all of these shocks, and there will be more in the future. Atmanirbhar Bharat is crucial because of this, Dev explained.

Dev pointed out that one of the main policy priorities in agriculture is moving away from conventional chemical inputs.
In order to control the overall consumption and financial burden of fertilizer subsidies, the government wants to expand the proportion of alternative agricultural practices, particularly organic and natural farming.
There was some fiscal respite on this front due to recent changes in the world's commodity markets. According to Dev, the price of urea fell from USD 900 to USD 450 internationally, which will lessen the government's need for subsidies.