'Jobs are hard to come by, every young person...': Financial advisor skeptical of Viksit Bharat's economic reality

Financial advisor Himanshu Pandya raised doubts over the ambitious "Viksit Bharat" goal, questioning whether India is truly on the path to becoming a developed nation by 2047. In a detailed post on LinkedIn, the founder of HP Private Wealth Advisory Services pointed out economic slowdown concerns, a lack of quality jobs, and dwindling private investments.

"IS IT REALLY INDIA's MOMENT? Talk to non-partisan economists, jobseekers, and middle-class families, and the economic slowdown is harsh," Pandya wrote. "Every young person I know wants to migrate to Australia or Canada, if not the US/UK. The Richie Rich are chasing golden passports and quietly moving to Dubai (or some such place).”

Pandya argued that while domestic fund managers and politicians remain bullish on India's growth, foreign investors are reacting differently. "Foreign investors put their own money on the line. They have options and they exercise them. They adapt to changing realities without talking to the media," he wrote. He also criticised Indian investment managers, stating, "Truth is – domestic investment managers have no choice but to be bullish. Their bread (and jam) comes from the money the masses invest. They make their fees whether your money performs or not."

Highlighting the job market challenges, Pandya noted that a median BTech (Computer Science) graduate is getting recruited at a "meager INR 4 lakh per annum, if at all." He added that private capital investment has been declining for the past four years and that India's manufacturing share in GDP has fallen to 13%, lower than what it was in 1967.

With global economic shifts and increasing tariffs under "AAPNO TRUMP", Pandya warned that India must become more competitive to protect jobs. "Tough, if we have non-stop elections and rewadis," he added. He stressed that for India to achieve its Viksit Bharat goal by 2047, it must maintain an 8.1% real GDP growth rate for the next 22 years. "You really need a leap of faith, and an overdose of jingoism to bet on that," he concluded.

The Economic Survey had earlier outlined that India would need to sustain close to 8% growth and achieve a 35% investment rate to reach developed nation status by 2047. The International Monetary Fund (IMF) has projected India's GDP to hit $5 trillion by FY28 and $6.3 trillion by FY30, expecting a 10.2% annual growth rate in dollar terms from FY25 to FY30.