India can become an upper-middle-income country by 2047 if it manages to achieve a sustained growth rate of 7-7.5% for the next 25 years, EAC-PM Chairman Bibek Debroy said on Tuesday, i.e. yesterday. EAC-PM stands for?Economic Advisory Council to the Prime Minister.
The country can become a USD 20 trillion economy by 2047 at this growth rate, he added. India will complete 100 years of independence in 2047.
While releasing the roadmap 'The Competitiveness Roadmap for India@100, which has been prepared by think tank Institute for Competitiveness', Mr Debroy also said the country's annual per capita income will be over USD 10,000 if the country grows at an average economic growth rate of 7-7.5% in the next 25 years, as per PTI.
India¡¯s 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 USD 12,000 is considered as a higher-income nation, PTI report mentioned,
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 records for India is not going be that high either".
According to the International Monetary Fund (IMF), the Indian economy is forecast to expand by 7.4% in 2022-23, making it one of the world's fastest-growing economies.
For the uninitiated, 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.
India was classified as a 'third-world' country at the time of Independence from British rule in 1947. But, over the past seven decades, its GDP has grown from just Rs 2.7 trillion to Rs 150 trillion, as per the report.
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