India, Aug. 7 -- 'Viksit Bharat' by 2047 is not an unprecedented ambition but a restoration of India's historical position in the global economy, finance minister Nirmala Sitharaman said on Thursday, citing estimates that India accounted for roughly one-third of global GDP at the beginning of the Common Era and about 8.5% today after centuries of decline. "What do we really mean by a Viksit Bharat? Prime Minister has given us that goal [to achieve by 2047]. This matters, because a goal that is never defined or measured cannot be pursued or achieved," she said while delivering the C.D. Deshmukh Lecture, organised by the National Council of Applied Economic Research (NCAER). Recalling economist Angus Maddison's historical estimates of world output, Sitharaman said India accounted for roughly one-third of global GDP (adjusted for purchasing power parity) at the beginning of the Common Era and close to a quarter in 1500 CE. Its share fell to about 16% by 1820, 12% by 1870 and roughly 4% by 1950. It touched a low of below 3% in the early 1970s before rising to about 8.5% today. By 1820 that share had fallen to about 16%, by 1870 to about 12%, and by 1950 to roughly 4%. It touched its floor of below 3% in the early 1970s. after the centralised Soviet era model we reached 3% of the global GDP. Today it stands at about 8.5%, she said. "India's poverty was never our steady-state, let's recognise that. It was manufactured after centuries of invasions, colonialism, and we then prolonged it ourselves for another four decades after we were free to stop when we attained independence," Sitharaman said. Explaining the idea behind Viksit Bharat, Sitharaman said it was "not an unprecedented ambition. In a way, it is a restoration." "As I elucidated in this year's Budget, Viksit Bharat is not an abstract aspiration or merely a target for per capita income. It is a nation where there is zero poverty; 100% good quality education; every citizen can obtain high-quality, affordable and comprehensive healthcare; every young person is equipped with skills and meaningful employment; women participate fully in economic activity; and our farmers make India the food basket of the world. And we shall be leaders in the tech-driven knowledge economy," she said. "2047 is no longer a distant aspiration. It is an immediate national horizon, and a good deal of it must be settled within the next few years. India at 100 years of Independence is not the conclusion of a journey. It is a milestone within a much larger and longer civilisational continuum. Our ambition is not merely to improve upon our present. Our destiny is to stand among the foremost nations of the world," the finance minister said. Sitharaman said the government was determined to dismantle the remnants of the colonial mindset and reject the psychology of victimhood. "Our financial institutions, governance structures and public resources must widen the circle of opportunity, so that enterprise in India is augmented by both ability and access," she said. "Our banks are for all Indians, not just a select few. Banking must continue to be an instrument of inclusion, ensuring that aspiration finds support rather than barriers," she said, adding that schemes such as the MUDRA Yojana were aimed at turning citizens into entrepreneurs. The government considers quality education and healthcare non-negotiable national priorities, she said, citing the ancient practice at Thirumukkudal near Kanchipuram, where an inscription from the reign of Virarajendra Chola (1069 CE) directed that temple revenue be divided among temple rituals, a college with a hostel, and a 15-bed hospital. "The point is not that charity existed. It is that prosperity was consciously converted into permanent public institutions, embedded in our own tradition," she said. The finance minister underscored the need to build India's future through a "partnership between generations" . "The older generation carries the wisdom and memory of this nation. That memory does not keep on its own. It fades when it is not transferred," she said. "The younger generation brings the energy, the innovation and the leadership to execute the next phase. They are also the people who will actually live in 2047 and beyond."...