India Must Open Economy Further to Become Developed Nation by 2047: Lord Bilimoria

National News (06/10/2026): India will need to further liberalise its economy and strengthen international partnerships in research, development and innovation to achieve its ambition of becoming a developed nation by 2047, said Lord Karan Bilimoria, Chair of the International Chamber of Commerce UK.

Bilimoria said India’s economic liberalisation over the past decades has helped unlock the country’s entrepreneurial potential and expand business opportunities. However, he emphasised that the next phase of India’s economic growth would require greater openness, deeper global engagement and stronger collaboration with international partners.

He identified research and development, artificial intelligence, education, defence and manufacturing as key sectors where enhanced international cooperation could help India accelerate technological progress and industrial growth. According to him, collaboration in these areas can promote innovation, strengthen capabilities and create new opportunities for businesses and skilled workers.

Highlighting the scale of the economic transformation required, Bilimoria pointed to India’s current per capita GDP of around $3,000. He said this would need to rise to approximately $30,000 for India to reach the level associated with a developed economy, implying an almost tenfold increase over the next two decades.

Achieving this target would require sustained economic growth, higher productivity and stronger manufacturing capabilities. At the same time, India would need to accelerate innovation and generate more high-value employment opportunities to ensure that economic expansion translates into higher incomes.

Bilimoria’s remarks come against the backdrop of India’s Viksit Bharat 2047 vision, which aims to transform the country into a developed economy by the centenary of its independence.

India is also seeking to deepen its economic, trade and technology partnerships with the United Kingdom and other global economies. Greater cooperation in emerging technologies, research, education and knowledge-driven industries is expected to play an important role in supporting India’s long-term development ambitions.

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