India can become an upper middle-income country by 2047 if it manages a sustained growth rate of 7-7.5% for the next 25 years, Economic Advisory Council to Prime Minister (EAC-PM) chairman Bibek Debroy said Tuesday.
The country can become a $20 trillion economy by 2047 at this growth rate, he added.
"Even if you have relatively conservative real rates of growth of 7-7.5%, we will get to a per capita income of about $10,000... And you will get to a total size of the economy of a little less than $20 trillion in 2047," Debroy 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 means India will be in the upper middle-income category, not a higher-income category," 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 $12,000 is considered a higher-income nation.
Noting that because what happens to India is an aggregate of what happens to the states, Debroy said, "And unless the states jack up their growth records, the overall growth record for India is not going to be that high either".
According to the International Monetary Fund, the economy is forecast to expand by 7.4% in 2022-23, making India one of the world's fastest growing.
The country can become a $20 trillion economy by 2047 at this growth rate, he added.
"Even if you have relatively conservative real rates of growth of 7-7.5%, we will get to a per capita income of about $10,000... And you will get to a total size of the economy of a little less than $20 trillion in 2047," Debroy 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 means India will be in the upper middle-income category, not a higher-income category," 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 $12,000 is considered a higher-income nation.
Noting that because what happens to India is an aggregate of what happens to the states, Debroy said, "And unless the states jack up their growth records, the overall growth record for India is not going to be that high either".
According to the International Monetary Fund, the economy is forecast to expand by 7.4% in 2022-23, making India one of the world's fastest growing.
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