NEW DELHI: Indian financial system’s dimension will contact $20 trillion by 2047 supplied the annual common progress is 7-7.5 per cent within the subsequent 25 years, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy mentioned on Tuesday.
Releasing ‘The Competitiveness Roadmap for India@100’, Debroy additionally mentioned the nation’s annual per capita revenue can be over $10,000 if the nation grows at a median financial progress fee of 7-7.5 per cent within the subsequent 25 years.
According to him, India can even be amongst excessive human growth class nations by 2047.
India, which is the world’s sixth largest financial system with a GDP of $2.7 trillion, is presently categorised as a creating nation.
Prime Minister Narendra Modi has set an bold goal of constructing India a developed nation by 2047.
A developed nation is often characterised by a comparatively excessive degree of financial progress, a basic lifestyle, and better per capita revenue in addition to performing properly on the Human Development Index (HDI) that features 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