As India envisions its transformation into a developed economy by 2047, the concept of Viksit Bharat must transcend conventional growth narratives and be grounded in inclusive prosperity, environmental sustainability, institutional robustness, and global leadership. This lecture offers a comprehensive economic and policy-oriented roadmap to realize that vision, drawing on developmental theory, empirical evidence, and India’s unique structural context.

The talk examines the macroeconomic architecture required for this transition, focusing on boosting total factor productivity, strengthening fiscal and monetary credibility, expanding formal employment, and accelerating human capital formation. It explores how well-calibrated policies in education, health, skilling, urbanisation, and digital public infrastructure can catalyse broad-based growth and social mobility. Particular emphasis is placed on next-generation reforms in land, labour, capital markets, and judicial efficiency to unlock latent economic potential.

On the sustainability front, the lecture highlights the strategic integration of climate policy into mainstream economic planning, advocating for a green industrial strategy, carbon budgeting, and investment in adaptive infrastructure. Policy innovations such as PM Gati Shakti, National Green Hydrogen Mission, and the Digital India Stack are assessed as tools to align growth with resilience and inclusion.

Crucially, Viksit Bharat 2047 requires reimagining federalism, revitalising state capacity, and fostering a globally competitive but locally rooted entrepreneurial ecosystem. The lecture argues that India’s developmental ascent will depend not only on policy ambition but on execution excellence, institutional trust, and citizen empowerment, paving the way for a just, innovative, and future-ready economy.

Professor N R Bhanumurthy is the Director and Professor at the Madras School of Economics (MSE), Chennai, a premier institution recognised for its excellence in economic research and education. He assumed this role in August 2024, bringing with him a distinguished academic and policy career spanning over two decades.

An alumnus of the University of Hyderabad, where he earned his M.A. and M.Phil. in Economics, Professor Bhanumurthy holds a PhD in International Finance from the Institute for Social and Economic Change (ISEC), Bangalore. Prior to joining MSE, he served as the Vice Chancellor of Dr. B.R. Ambedkar School of Economics University, Bengaluru, from 2020 to 2024. He has also held senior positions at the National Institute of Public Finance and Policy (NIPFP), New Delhi, and the Institute of Economic Growth (IEG), Delhi.

Professor Bhanumurthy’s expertise lies in macroeconomics, public finance, development economics, and applied econometrics. He has been a consultant and advisor to several multilateral institutions, including the United Nations Development Programme (UNDP), UNESCAP, the International Labour Organization (ILO), the Asian Development Bank (ADB), and the World Bank. He has held visiting fellowships at reputed global institutions such as Paris Dauphine University and McGill University.

In addition to his academic contributions, Professor Bhanumurthy has served on several high-level government committees and policy forums. He is currently the Secretary of the Indian Econometric Society and a regular contributor to public discourse on economic policy in India.

At the helm of MSE, Professor Bhanumurthy continues to champion the integration of rigorous economic scholarship with policy relevance, particularly in the domains of fiscal policy, environmental economics, and international development.