The size of India’s economy will touch USD 20 trillion by 2047 with 7.5% average growth for next 25 years

The size of India’s economy will touch USD 20 trillion by 2047 assuming annual average growth of 7-7.5 per cent for the next 25 years, the Prime Minister’s Economic Advisory Committee (EAC-PM) Bibek Debroy said on Tuesday. Debroy, while releasing ‘The Competitiveness Roadmap for India@100’, also said that the country’s annual per capita income will be over US$10,000 if the country grows at an average economic growth rate of 7-7.5% over the next 25 years.
According to him, by 2047, India will also be among the countries in the high category of human development. India, which is the world’s sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing country. Prime Minister Narendra Modi has set an ambitious goal of making India a developed country by 2047. A developed country is typically characterized by relatively high levels of economic growth, general living standards, and higher per capita income, as well as good performance 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 in the last seven decades, its GDP has grown from just Rs 2.7 crore to Rs 150 crore.
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