New Delhi, Sep 29 (PTI) India's aspiration to become a developed economy by 2047 will not be constrained due to labour issues, NITI Aayog Vice-Chairman Suman Bery said on Friday.

Speaking at the launch of of Global Innovation Index 2023, Bery said the role of innovation is to raise the productivity of labour and use capital more productively.

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India retained its 40th rank out of 132 economies in the GII 2023 rankings, according to a report by Geneva-based World Intellectual Property Organization.

"India's aspirations for developed country status by 2047 is not going to be constrained by the availability of labour. We are in a sweet spot demographically.

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"What economists call total factor productivity... is to raise the productivity of labour, which can partly be done by changing sectors... and using labour and capital more productively," Bery said.

Recently, Prime Minister Narendra Modi had expressed optimism that India will be a developed nation by 2047.

A developed country is typically characterised by a relatively high level of economic growth, a general standard of living, higher per capita income as well as good performance on the Human Development Index (HDI) that includes education, literacy and health.

Speaking at the event, NITI Aayog CEO B V R Subrahmanyam said the policy think tank is organising workshops throughout the nation to push the innovation ecosystem.

"Our performance is above expectations, making India an innovation achiever for the 13th consecutive year," NITI Aayog member V K Saraswat said.

GII Co-Editor and the Head of the Economics and Statistics Division Sacha Wunsch-Vincent said India is among the seven fastest-rising nations in the last decade in the Global Innovation Index and and has overperformed with respect to GDP with a persistent innovation in policy effort.

Among middle-income nations, India's consistent growth in innovation in the last five years, attributes to effective policies and coordination, he said.

Government think tank NITI Aayog in a statement on Thursday said India has been on a rising trajectory over the past several years in the GII -- from 81st in 2015 to 40th this year.

The consistent improvement in the GII ranking is owing to the immense knowledge capital, vibrant start-up ecosystem, and the amazing work done by the public and private research organisations, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)