Indian economy can touch $20 trn by 2047
India can become an upper-middle-income country by 2047, if it sustains 7.5% growth rate for next 25yrs: Bibek Debroy
image for illustrative purpose
What's In Store For Next 25 yrs
- India with 7.4% growth rate in 2022-23, is one of the world's fastest-growing economies
- With $2.7 trn GDP, India is 6th largest economy
- Expected per capita income of $10,000 by 2047
- As per WB's definition, a country with per capita annual income of over $12,000 is considered as a higher-income nation
- With Rs2.7 lakh crore GDP, India was classified as 'third-world' country in 1947
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.
