Indian Economy
India's GDP will hit $26 trillion by 2047, says EY report
The Indian economy is expected to reach the $26 trillion mark while the per capita income is also expected to increase to $15,000, catapulting the country to the realm of developed economies by 2047, the 100th year of the country’s independence, according to an EY report, said media reports
The report, India@100: Realizing the potential of a $26 trillion economy, was launched by union railway minister Ashwini Vaishnaw on the sidelines of the World Economic Forum at Davos, Switzerland.
The report says India’s growth trajectory is projected to be the highest for any large economy in the next decades.
It also speaks about the key enablers that will catalyse the country’s development over the next 25 years that will open up business opportunities across sectors and will increase India’s global competitiveness multifold.
It recommends ensuring macro-economic stability and resilience and continued thrust on reforms, which will be especially relevant in the backdrop of on-going geo-political conflicts, inflationary pressures and slowing global growth.
Launching the report, Union minister for communication and IT Ashwini Vaishnaw said, “In line with Prime Minister Narendra Modi’s vision, India has commenced its journey into ‘Amrit Kaal’, a uniquely auspicious period, representing India’s opportunity to herald a new world era. There is an unparalleled impetus on developing world-class infrastructure supported by growth and investment-oriented policies and reforms to establish India as a manufacturing and technology hub.
Over the next 10 years, India will be an integral force in leading the world into a sustainable future while being the fastest-growing economy, said Vaishnaw.
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