New Delhi: India can grow to be an upper-middle-income nation by 2047 if it manages to realize a sustained development charge of 7-7.5 per cent for the following 25 years, EAC-PM Chairman Bibek Debroy stated on Tuesday.
The nation can grow to be a USD 20 trillion financial system by 2047 at this development charge, he added.
India, the world’s sixth largest financial system with a GDP of USD 2.7 trillion, is at present categorised as a growing 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 USD 10,000.
“And you’ll get to a complete measurement of the financial system of rather less than USD 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 suggests India will likely be within the higher middle-income class, not a higher-income class,” 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 USD 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 until, the states jack up their development data, the general development data for India shouldn’t be going be that top both”.
According to the International Monetary Fund, the Indian financial system is forecast to broaden by 7.4 per cent in 2022-23, making it one of many world’s fastest-growing economies.
A developed nation is often characterised by a comparatively excessive stage of financial development, a normal lifestyle, and better per capita revenue in addition to performing nicely on the Human Development Index (HDI), which incorporates training, literacy and well being.
India was categorised as a ‘third-world’ nation on the time of Independence from British rule in 1947. But, over the previous seven a long time, its GDP has grown from simply Rs 2.7 lakh crore to Rs 150 lakh crore.
Source: auto.economictimes.indiatimes.com