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Economic Advisory Council to the Prime Minister (EAC-PM) has said that the country can become a 20 trillion dollar economy at a sustained growth rate of 7 to 7.5 percent for the next 25 years.
EAC-PM Chairman Bibek Debroy said that India can become an upper-middle-income country by 2047 at this growth rate. He said, even if India achieves relatively conservative rates of growth of 7 to 7.5 percent, the country will get to a per capita annual income of about 10,000 dollar.
India, the world’s sixth largest economy with a GDP of 2.7 trillion dollar, is currently classified as a developing nation. Mr. Debroy was speaking at a function to release ‘The Competitiveness Roadmap for India@100’ in New Delhi yesterday.
Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047, which means India will be in the upper middle-income category and the nature of Indian society will completely be transformed, Mr. Debroy said. According to the World Bank’s definition, a country with a per capita annual income of over USD 12,000 is considered a higher-income nation.
According to the International Monetary Fund, the Indian economy is forecast to expand by 7.4 percent in 2022-23, making it one of the world’s fastest-growing economies.
A developed country is typically characterised by a relatively high level of economic growth, a general standard of living, and higher per capita income as well as performing well on the Human Development Index (HDI), which includes education, literacy, and health.
