Viksit Bharat 2047 and the Platform-Based Economy
Why in the news
Reaching Viksit Bharat 2047 means adapting fast to geopolitical instability, climate change and technology shifts. Platform-based economic models are proposed as a route to speed and resilience.
Key facts
- A platform is an elastic system in which many agents (buyers, sellers, service providers) interact.
- Sellers are not bound to one customer and buyers can pick from many sellers, making trade cheap and efficient.
- Digital tools allow real-time information flow, so innovation reacts faster to market demand.
- Examples: India’s digital payments system and the Open Network for Digital Commerce (ONDC).
Platform-oriented economic policy
| Policy area | Suggested step |
|---|---|
| Digital infrastructure | Connect public and private platforms with Digital India and BharatNet |
| Regulation | Remove needless curbs, especially on FDI, to boost competition and global integration |
| Startups and small firms | Marketing help, easy access, and relaxed KYC for small local businesses |
| Customer protection | Ombudsmen and open redressal systems instead of penalties and controls |
| Global trade | Clear barriers so Indian platforms join international value chains |
Significance
- FDI limits narrow the market, hold back innovation and keep Indian firms from going global.
- Confidence in platforms drives growth better than punitive controls.
Exam angle
- Expanded form: ONDC = Open Network for Digital Commerce.
- Infrastructure schemes named: Digital India, BharatNet.
- Target year of the vision: 2047.