India needs inclusive growth to become developed country by 2047: NITI CEO

Mumbai: India has made reasonable progress on economic growth, and it needs inclusive growth to become a developed country by 2047, NITI Aayog CEO Anurag Jain said on Friday.

Speaking at the Global Fintech Fest 2026, Jain said some states have done extremely well on health and education parameters as well.

"But there are certain states which are lagging behind, so we need to concentrate on them also," Jain said. He said India has a good foundation to achieve prosperity by 2047 through economic inclusion, where everyone has reasonable education and access to skills for gainful employment or entrepreneurship.

"We want inclusive growth for becoming a developed nation ... At the same time, on the income side, when you measure the per capita income, it is not only that ... we need to ensure how many people are actually the lowest 10 per cent or 20 per cent of the population," Jain said.

Talking about technology, he said nobody knows what the future is going to be like. "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 NITI Aayog CEO said the government will encourage competition through regulations and will not allow market distortion, monopoly, or oligopoly.

Speaking at the event, SBI managing director Rama Mohan Rao Amara highlighted that India's largest bank accounts for 30 per cent of Pradhan Mantri Jan Dhan Yojana bank accounts.

"We are able to see that while these accounts have started with a zero balance, now we are able to see an average balance of Rs 5,000 in these accounts. So we are also now instrumental in focusing on graduating these customers from savings to protection," he said.

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