Prime Minister Narendra Modi's call for turning India into a developed nation by 2047 is inspirational and eminently doable, industry bodies said on Monday.
Industry chambers also highlighted the key role to be played by India Inc in realising the prime minister's vision of an Atmanirbhar Bharat or self-reliant India.
Prime Minister Narendra Modi on Monday set an ambitious target of making India a developed nation by 2047 and made a renewed pitch for cutting import dependence and boosting domestic manufacturing.
Addressing the nation from the ramparts of the Red Fort on the 76th Independence Day, Modi coined 'Panch Pran' or lifeblood resolves for the nation when it celebrates its 100th year of independence in 2047.
The first of them is to make India a developed nation.
"When the prime minister gives a call to the nation that nothing short of achieving a status of a developed nation for India would suffice, that is a great inspiration for all of us," Assocham Secretary General Deepak Sood said, adding, "the country is committed to become self-sufficient in most of the critical areas, including renewable energy, as reiterated emphatically by the prime minister."
He said it is up to Indian industry to rise up to the call given by the prime minister that India would not lag behind in fulfilling requirements of the global market, adding that the PM's call for making India a developed nation is eminently doable.
CII Director General Chandrajit Banerjee said that the prime minister's inspiring vision of a developed India by 2047 invokes the collective spirit of 130 crore Indians to bring about change.
"Prime minister's vision sets the template for the agenda for India@100 that CII is in the process of developing. India's youth can be an important supplier of skilled manpower to the world, and education and healthcare will be central areas of focus for the years ahead," Banerjee stated.
Ficci President Sanjiv Mehta welcomed the direction shown by the prime minister by announcing the 5 pledges for India's vision for 2047.
"The hon'ble prime minister has also called upon the private sector to play a key role in the Atmanirbhar Bharat initiative. The Indian industry will continue to play a key role in achieving this vision," he added.
India, which is the world's sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing nation.
A developed country is typically characterised by a relatively high level of economic growth, a general standard of living, and higher per capita income as well as performing well on the Human Development Index (HDI) that includes education, literacy and health.
India was classified as a 'third-world' country at the time of independence from British rule in 1947. But over the past seven decades, its GDP has grown from just Rs 2.7 lakh crore to Rs 150 lakh crore.