Indian financial system’s dimension will contact USD 20 trillion by 2047 supplied the annual common development is 7-7.5 per cent within the subsequent 25 years, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy stated on Tuesday.
Releasing ‘The Competitiveness Roadmap for India@100’, Debroy additionally stated the nation’s annual per capita revenue will probably be over USD 10,000 if the nation grows at a median financial development price of 7-7.5 per cent within the subsequent 25 years.
According to him, India will even be amongst excessive human growth class international locations by 2047.
India, which is the world’s sixth largest financial system with a GDP of USD 2.7 trillion, is at the moment labeled as a growing nation.
Prime Minister Narendra Modi has set an bold goal of creating India a developed nation by 2047.
A developed nation is usually characterised by a comparatively excessive degree of financial development, a common way of life, and better per capita revenue in addition to performing properly on the Human Development Index (HDI) that features training, literacy and well being.
India was labeled as a ‘third-world’ nation on the time of Independence from British rule in 1947. But over the previous seven many years, its GDP has grown from simply Rs 2.7 lakh crore to Rs 150 lakh crore.
