India needs inclusive growth to become a developed nation by 2047, says NITI Aayog CEO

India has made “reasonable progress” on economic growth, but becoming a developed country by 2047 will require ensuring that prosperity reaches the poorest sections of society and states that continue to lag in crucial development indicators, NITI Aayog CEO Anurag Jain said on Friday.

Speaking at the Global Fintech Fest 2026, Jain said India had built a strong foundation for its long-term development ambitions, but economic expansion alone would not be sufficient. The country, he said, needs inclusive growth in which people have access to reasonable levels of education, skills and opportunities for gainful employment or entrepreneurship.

Lagging states need greater focus

Jain pointed to significant differences in development outcomes across states, particularly in areas such as health and education. While some states have performed extremely well on these parameters, others continue to lag and require greater policy attention.

“But there are certain states which are lagging behind, so we need to concentrate on them also,” he said.

Jain said the ambition of achieving prosperity by 2047 should be based on economic inclusion, ensuring people receive the education and skills necessary to participate productively in the economy. India aims to become a developed country by the centenary of Independence under the Viksit Bharat 2047 vision.

He stressed that development could not be measured merely through improvements in average per capita income. Policymakers also need to examine the economic condition of those at the bottom of the income distribution.

“We want inclusive growth for becoming a developed nation,” Jain said, adding that while per capita income was important, attention must also be paid to the lowest 10 or 20 per cent of the population.

Technology could lift productivity

On the rapid technological transformation of the economy, Jain said it was difficult to predict precisely how emerging technologies would reshape the future. However, he expressed confidence that technological advances would ultimately increase human productivity.

Higher productivity should translate into increased factor incomes and broader prosperity, he said, provided the benefits are distributed rather than being concentrated among a small number of people or companies.

“I am confident that what new technology has come, and will come, will add to human productivity, and once productivity increases, the factor income goes up, so it should get distributed unless it gets cornered by a few people,” Jain said.

The remarks come amid growing debate over how artificial intelligence, automation and other emerging technologies could affect employment, wages and inequality. While such technologies offer significant productivity gains, governments worldwide are also confronting concerns that their economic benefits could become disproportionately concentrated.

Government to guard against monopolies

Jain said regulation would have an important role in maintaining competition as technology transforms markets. The government, he said, would encourage competition through an appropriate regulatory framework and would not permit market distortions, monopolies or oligopolies to undermine broader economic interests.

His comments underlined the need to combine technological adoption with policies ensuring that productivity gains translate into wider economic opportunities rather than excessive concentration of wealth or market power.

Jan Dhan accounts show rising balances

Speaking at the same event, State Bank of India Managing Director Rama Mohan Rao Amara highlighted the role of financial inclusion in bringing previously underserved households into the formal banking system.

Amara said SBI accounts for around 30 per cent of all bank accounts opened under the Pradhan Mantri Jan Dhan Yojana. Many of these accounts had initially been opened with zero balances, but the average balance had now increased to around Rs 5,000, he said.

“We are also now instrumental in focusing on graduating these customers from savings to protection,” Amara said, indicating that the bank was seeking to move financially included customers beyond basic savings products towards insurance and other forms of financial protection.

The remarks highlighted the broader challenge accompanying India’s 2047 development ambition: translating economic growth and technological advances into improvements in incomes, skills, financial security and opportunities across regions and income groups.