India To Become ₹20 Lakh Crore Economy As A ‘Developed’ Country
India will become a 20 trillion dollar economy by 2047 if it manages to sustain GDP growth of 7 to 7.5 percent, says the Economic Advisory Council.
The country’s economy can develop at a steady rate of 7 to 7.5 percent for the next 25 years, according to the Economic Advisory Council to the Prime Minister (EAC-PM).
At this growth rate, India might reach upper-middle income status by 2047, according to EAC-PM Chairman Bibek Debroy.
According to him, India will reach an annual per capita income of about $10,000 even if it grows at relatively moderate rates of 7 to 7.5 percent.
With a GDP of 2.7 trillion dollars, India has the sixth-largest economy in the world and is currently categorized as a developing country.
Yesterday in New Delhi, Mr. Debroy gave a speech at a gathering to announce the publication of “The Competitiveness Roadmap for India@100.”
According to Mr. Debroy, Prime Minister Narendra Modi has set the audacious goal of making India a developed country by 2047, which entails that India will fall into the upper middle-income group and undergo a radical social transformation.
A nation is deemed to have higher income levels if its per capita annual income exceeds USD 12,000, as per the World Bank’s definition.
The Indian economy is expected to grow by 7.4 percent in 2022–2023, making it one of the fastest-growing in the world. This prediction comes from the International Monetary Fund.
A developed country is typically distinguished by a generally higher standard of living, higher per capita income, and strong performance on the Human Development Index (HDI), which takes into account health, education, and literacy.