Stories
India Needs Deeper Reforms and R&D Partnerships to Reach 2047 Goal
M
Moneycontrol•06-10-2026, 06:26
India Needs Deeper Reforms and R&D Partnerships to Reach 2047 Goal
- •Lord Karan Bilimoria stated that India must further open its economy and forge deeper research and innovation partnerships to achieve developed economy status by 2047.
- •India's per-capita GDP needs to surge tenfold from its current level of around 3000 dollars to 30000 dollars over the next two decades.
- •The India-UK economic relationship is transitioning from traditional outsourcing to collaborative innovation in artificial intelligence, fintech, education, and defence.
- •UK universities are expanding their presence in India through new campuses and joint academic programmes such as the dual master's degrees by University of Birmingham and IIT Madras.
- •A successful India-UK Free Trade Agreement could push bilateral trade beyond 100 billion dollars within five years by reducing barriers and boosting investments.
Key Questions Answered
India's per-capita GDP must grow by 10 times over two decades, rising from approximately $3,000 to $30,000 per year to achieve developed-economy status by 2047.
The relationship is evolving beyond traditional outsourcing to deeper partnerships in research and development, innovation, education, defence, manufacturing, artificial intelligence, and fintech.
Around 10 UK universities, including Bristol and York, have established or are preparing campuses in India, while institutions like the University of Birmingham and IIT Madras have launched joint master's degrees in artificial intelligence and sustainable energy.
