Bharatimes
Business

Indian economy can touch $20 trn by 2047

Bibek Debroy

Bibek Debroy

New Delhi: India can become an upper-middle-income country by 2047 if it manages to achieve a sustained growth rate of 7-7.5 per cent for the next 25 years, EAC-PM Chairman Bibek Debroy said on Tuesday. India can become a $20 trillion economy by 2047 at this growth rate, he added. India, the world’s sixth largest economy with a GDP of $2.7 trillion, is currently classified as a developing nation.

“Even if you have relatively conservative real rates of growth of 7-7.5 per cent, we will get to a per capita income of about $10,000. And you will get to a total size of the economy of a little less than $20 trillion in 2047,” the Economic Advisory Council to the Prime Minister (EAC-PM) Chairman said, while releasing ‘The Competitiveness Roadmap for India@100’. Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. “Which means India will be in the upper middle-income category, not a higher-income category,” Debroy said, adding that it also means that the nature of Indian society will be completely transformed.

According to the World Bank’s definition, a country with a per capita annual income of over $12,000 is considered as a higher-income nation. Noting that because what happens to India is an aggregate of what happens to the States, Debroy said:”And unless, the States jack up their growth records, the overall growth records for India is not going be that high either”.

According to the International Monetary Fund (IMF), the Indian economy is forecast to expand by 7.4 per cent in 2022-23, making it one of the world’s fastest-growing economies. 

Related posts

Petrol, diesel prices today unaltered in Hyderabad, Delhi, Chennai and Mumbai on 29 November 2022

Nupur Mehta

We Founder Circle plans to invest in 10 local startups

Nupur Mehta

Banks close today or tomorrow for Bhai Dooj 2022?

Nupur Mehta

Maruti Suzuki looks to introduce 1st EV in FY25

Nupur Mehta

Hyderabad 2nd attractive realty market in India

Nupur Mehta

32% drop in IPO fundraising in H1

Nupur Mehta