India’s GDP will touch $26 trillion in market exchange terms by 2047-48 with a per capital income exceeding $15,000, a report released by EY said. The Narendra Modi government has already set a target of becoming a “developed” economy by 2047.
In the medium term however, India will continue to remain the fastest growing large economy.
The report added that India’s success is important for the world economy as it is home to approximately one sixth of the global population. In 2023, India is slated to become the largest country in terms of population, enabling it to become the largest contributor to the global workforce for the next several decades, it noted.
“I urge the country’s youth to dedicate the next 25 years of their lives for the nation’s development. We will work towards the development of the entire humanity,” Prime Minister Modi said while delivering his Independence Day speech last year.
The focus will be on creating meaningful jobs across the sections of the society and making it more equitable.
“India’s performance has global ramifications. How India addresses its competitiveness challenges and harnesses opportunities will affect how different countries address challenges they face,” Christian Ketels, professor at Harvard Business School said earlier at a function.
The Economic Advisory Council to the PM is already working on a blueprint.
The Reserve Bank of India has projected a growth rate of 6.8 per cent for the current fiscal year though it has revised downward from the earlier 7 per cent.
Notwithstanding the rise in global risks, India’s economy has so far shown healthy growth.
“Net-net, India is far better placed than almost all other countries,” Shaktikanta Das, Governor, RBI told the Financial Times earlier this month.
Also read: S&P says India’s strong growth, external balance sheet to neutralise global risks