New Delhi: Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy on Tuesday said the size of the Indian economy will reach USD 20 trillion by 2047, provided the annual average growth is 7-7.5 per cent over the next 25 years. .
Release of ‘Competitiveness Roadmap for India@100’Debroy also said that if the country grows at an average economic growth rate of 7-7.5 per cent over the next 25 years, the country’s annual per capita income will exceed US$ 10,000.
According to him by 2047, India will also join the countries of high human development category.
India, which is the sixth largest economy in the world with a GDP of USD 2.7 trillion, is currently classified as a developing nation.
Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047.
A developed country is generally characterized by relatively high levels of economic development, normal living standards and high per capita income, as well as performing well on the Human Development Index (HDI) which includes education, literacy and health.
At the time of independence from British rule in 1947, India was classified as a ‘Third World’ country. But in the last seven decades, its GDP has increased from just Rs 2.7 lakh crore to Rs 150 lakh crore.
