Viksit Bharat 2047 Objective

The goal of achieving a developed India by 2047 is both alluring and challenging. This objective requires overcoming significant uncertainties such as geopolitical fragmentation, undependable trade partners, technology challenges, and climate change. To achieve this, a dynamic economic ecosystem that is responsive, flexible, and innovative is crucial.

Economic Ecosystem and Platform Approach

• Economic activities are increasingly adopting a platform model, which excels at addressing opportunities and challenges.
• Platforms facilitate interactions among diverse agents, such as passengers and vendors on a railway platform, or buyers and sellers in digital commerce.
• The platform model provides flexibility, allowing for better product differentiation and greater choice at reduced costs.
• Rapid digital advances enable targeted information flows and feedback loops, fostering quicker innovation.

Government's Role and Digital Platforms

The Indian government's openness to creating digital platforms is exemplified by initiatives like digital payments and the Open Network for Digital Commerce (ONDC). These platforms create vast opportunities for startups and need a supportive policy environment.

Platform-Oriented Economic Policy

• Platforms should have both freedom and support to grow within a broad economic policy framework.
• Concerns about platforms monopolizing markets or harming small businesses are mitigated through existing regulatory bodies like the Competition Commission of India.
• Employment data indicates no negative impact of platforms on retail trade jobs.

Comprehensive Platform Policy Recommendations

• Utilize Digital Infrastructure: Enable platforms to access Digital India and BharatNet infrastructures, fostering competition and innovation.
• Simplify Regulations: Encourage foreign direct investment (FDI) in platforms to enhance opportunities and technology flows, preventing market monopolies.
• Support Startups: Facilitate easier access for startups to platforms, providing marketing support and relaxing stringent KYC requirements for small players.
• Customer Redress and Ombudsman: Establish an ombudsman and customer redress strategies to build consumer confidence, driving sector growth.
• Facilitate International Transactions: Remove bottlenecks to international transactions and integrate Indian platforms with global value chains.

Conclusion

Policy should facilitate natural economic changes to meet future needs and create opportunities. Sticking to outdated transaction methods risks slowing progress.