Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister

India requires a sustained economic growth rate of 7 to 8 per cent to achieve its goal of becoming “Viksit Bharat” by 2047, a target that hinges heavily on a revival in private sector investments and robust export growth.

Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), speaking to the media at the sidelines of FICCI India Innovative Crop Nutrition Conclave 2026, stated that structural reforms implemented over the last few years laid the groundwork for this trajectory. “We need 7% to 8% growth for Viksit Bharat, and we need investment for that. So, private sector investment is equally important, and export growth is also important. The Prime Minister has mentioned Atmanirbhar Bharat. That is equally important,” Dev said.

Private investment and exports key to growth push

He emphasised that the domestic market must enhance both its competitiveness and product quality to meet global standards.

Addressing the strategy behind the self-reliant India initiative, the EAC-PM Chairman clarified that the policy framework does not signal a retreat from global trade. Instead, the focus remains on building domestic capability to leverage the country’s current demographic and technological advantages.

“We have done many reforms over the years, and that will continue in the years to come. So Atmanirbhar Bharat doesn’t mean import substitution, but we are basically saying that the domestic competition should increase the quality of the products so that we can export more,” Dev added.

Atmanirbhar Bharat not about import substitution: Dev

He further noted that, “we have demographic advantage and technology improvement skills. So all these things will lead to the Viksit Bharat by 2047.”

The government identified specific areas to reduce import dependencies, compiling a list of 100 items where domestic manufacturing can substitute foreign goods. This strategy, alongside ongoing efforts to improve the ease of doing business and the ease of living, forms part of a broader plan to buffer the economy against external vulnerabilities.

Emergency buffers and geopolitical resilience

“Geopolitically, the government has emergency plans from the COVID prep onwards. So we can probably withstand all these shocks, and shocks will be there in future also. So that’s why Atmanirbhar Bharat is important,” Dev said.

On the agricultural front, Dev noted that shifting away from traditional chemical inputs represents a key policy focus. The government aims to increase the share of alternative agricultural practices, specifically organic and natural farming, to manage the overall consumption and fiscal burden of fertiliser subsidies.

Food security, inflation outlook and macro stability

Recent shifts in global commodity markets provided some fiscal relief on this front. Dev mentioned that international urea prices dropped from USD 900 to USD 450, which will result in a lower subsidy burden for the government.

Turning to macroeconomic indicators, Dev expressed confidence in current food reserves, noting that India maintains enough pulse stocks to keep domestic food inflation from rising significantly. However, external factors continue to pose risks to the baseline outlook.

“Overall, because of the West Asia war and also a bit of El Nino...I think I agree with the RBI projections of 6.6% growth and also 5.1% inflation,” Dev said.

Published on June 23, 2026