PTI

New Delhi, August 28

India can turn out 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 turn out to be a USD 20 trillion economic system by 2047 at this development charge, he added.

India, the world’s sixth largest economic system with a GDP of USD 2.7 trillion, is presently categorized 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 will get to a total size of the economy of a little less than USD 20 trillion in 2047,” the Economic Advisory Council to the Prime Minister (EAC-PM) Chairman stated whereas releasing ‘The Competitiveness Roadmap for India@100’.

Prime Minister Narendra Modi has set an formidable goal of constructing India a developed nation by 2047.

“…which means India will be in the upper middle-income category, not a higher-income category,” Debroy stated, including that it additionally implies that the character of Indian society shall be fully reworked.

According to the World Bank’s definition, a rustic with a per capita annual revenue of over USD 12,000 is taken into account as a higher-income nation.

Noting that as a result of what occurs to India is an combination of what occurs to the states, Debroy stated, “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, the Indian economic 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 usually characterised by a comparatively excessive stage of financial development, a basic way of life, and better per capita revenue in addition to performing nicely on the Human Development Index (HDI), which incorporates schooling, literacy and well being.

India was categorized as a ‘third-world’ nation on the time of Independence from British rule in 1947. But, over the previous seven many years, its GDP has grown from simply Rs 2.7 lakh crore to Rs 150 lakh crore.