Indian economic system can contact $20 trillion by 2047: Bibek Debroy | Financial system Information

New Delhi: Indian economic system’s dimension will contact USD 20 trillion by 2047 supplied the annual common development is 7-7.5 per cent within the subsequent 25 years, Financial 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 earnings shall be over USD 10,000 if the nation grows at a median financial development fee of 7-7.5 per cent within the subsequent 25 years.

In keeping with him, India may even be amongst excessive human improvement class nations by 2047.

India, which is the world’s sixth largest economic system with a GDP of USD 2.7 trillion, is at the moment labeled 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 development, a normal lifestyle, and better per capita earnings in addition to performing effectively on the Human Growth Index (HDI) that features training, literacy and well being.

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

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