What makes a Country a "Developed" Nation?

A nation with a developed economy is one that is characterised by a relatively high level of economic growth and security. Income per capita or per capita GDP, the level of industrialization, the general standard of life, and the amount of technological infrastructure are traditional metrics for assessing a country's level of development. Noneconomic indicators, such as the human development index (HDI), which combines a country's levels of education, literacy, and health into a single number, can also be used to assess an economy's or a country's level of progress.

The characteristics of developed countries include a higher standard of living and greater access to basic necessities. Conversely, undeveloped countries all over the world share similar traits. Citizens face preventable diseases, acute poverty, and a lack of access to healthcare and safe drinking water. Understanding the peculiarities of developing countries can lead to a more strategic aid procedure that can help them develop.

Prime Minister Narendra Modi has stated that India will become a developed economy by 2047. In his address to the nation on the 77th anniversary of India's independence, Prime Minister Narendra Modi announced that the country would achieve developed country status by 2047, the year of India's 100th anniversary of independence. Mr. Modi's claim is based on the country's potential, available resources, and, most importantly, the power of its youth. He emphasised that the next five years will be a critical "golden opportunity" for achieving this goal. He also guaranteed the countrymen of a "New India" with a bright future in the next five years, saying India is at a vital turning point and has the strength to build the new world order developing in the aftermath of the COVID pandemic. He stated that it is our joint responsibility to help India flourish by fostering probity, transparency, and impartiality.

What makes a country "developed"?

A country is called "developed" if it achieves specific socioeconomic criteria. In certain circumstances, having an adequately developed economy is sufficient. Other qualifiers can include, but are not limited to, a country's GDP/GNI per capita, level of industrialization, overall standard of living, and/or amount of technological infrastructure. These elements are frequently interrelated (for example, the level of available technology can influence the amount of GDP a country can generate, and so on).

Factors that contribute to the development of the country

Gross Domestic Product

The Gross Domestic Product (GDP) is a monetary measurement of all commodities and services generated in a country in a given year. Developed countries have a high GDP and per capita income (the amount of money earned per person).

Industrialisation

The degree to which an economy has been industrialised. Developed countries are those in which the tertiary (companies that provide services such as entertainment, financial, and retailers) and quaternary (knowledge-based activities such as information technology, research, and development, as well as consulting services and education) sectors of industry predominate. Developed countries generally have more advanced post-industrial economies, meaning the service sector provides more wealth than the industrial sector.

Per capita income

Per capita income is the primary metric used to assess an economy's level of development. In general, it is calculated by dividing a country's GDP by its total population. It approximates how much an inhabitant of that country would make in a year.

Standard of living

Economists use the standard of life to classify countries that are difficult to categorise based on per capita income. Most affluent countries have fewer than ten infant deaths per 1,000 live births each year. Furthermore, they have a life expectancy of more than 75 years.Qatar is one such case. It has one of the world's highest per capita earnings, . It is not considered developed, however, due to wide income disparities and a lack of educational options for inhabitants.

Human Development Index

The UN Human Development Index (HDI) examines three living standards criteria-literacy rates, access to education, and access to health care-and converts this information into a standardised figure between zero and one. The HDI in most developed countries is more than 0.8.

How can India become a developed country?

• The government should raise spending on public services such as healthcare, education, and transportation to minimise wealth disparity and enhance the HDI score.
• Foreign investment in India has increased, but the majority of it has been made in service sectors, where physical labour is less popular, and as a result, fewer jobs have been generated. To increase economic opportunities in the country and attract more foreign investment and jobs, the government must significantly boost our manufacturing sector.
• According to World Bank standards, India's per capita income should reach more than $21,664 by 2047 in order to be categorised as a high-income country.
• For India to become a developed economy, the country's industrial and service sectors would need to grow at a rate of more than 13% per year for the next 25 years.
• The government must prioritise our nation's social and economic growth, for which proper government programmes must be enacted.
• Corruption is additionally a major impediment to a country's development because it harms the country's economy. Corruption is widespread in India, and the country ranks 87th in the international corruption index. So, unless India eliminates corruption by taking a zero tolerance policy to corruption and enacting some effective laws, it will never be a superpower.
• The demographic dividend in India. Our young labour force will peak in 2041. As a result, our government should focus on making the most use of it by increasing investment on R&D, health, education, and skill development.

What do you think India will be developed or not in next 10 years?