New Delhi, Aug 30 (Mayank Nigam) India may become a $20 trillion economy by 2047 with a per capita income rising upto $10,000 in the next 25 years, according to Dr Bibek Debroy, Chairman, Economic Advisory Council to the Prime Minister (EAC-PM). “So even if you have relatively conservative real rates of growth, 7 to 7.5%, we will get to a per capita income of about 10,000 US dollars and we will get to the total size of the economy of a little less than 20 trillion US dollars in 2047 which means India will be in the upper middle income category not higher income category,” he said on Tuesday while speaking at the launch of a report titled Competitiveness Roadmap for India@100.
Debroy further said that it would also mean that the nature of Indian society will be completely transformed. “The likes of which we cannot fully appreciate and comprehend today. The question to ask is what does one need to do to get from that 10, 000 US dollars to something like 12,000 US dollars-plus which will make India a higher-income country,” he said. In the keynote address on ‘India- The Competitive Edge’, Dr Debroy said that “if India’s development trajectory has to emerge faster, higher, and stronger, both government policies and the enterprises and markets functioning in the environment set by the former, are of great significance”. The Competitiveness Roadmap for India@100 report prepared by Institute for Competitiveness has proposed a pathway for India to become a high-income country by 2047. “The Competitiveness Roadmap for India@100 provides the basis for a renewed approach to India’s growth and development strategy. Moving ahead, the focus would be on developing KPIs (key performance indicators) and roadmaps for different industries, ministries, and states of the country to shape the journey towards reaching the country’s ambitions by its centennial year,” a media release said.