India’s per capita income will rise from the current $2,300 to $10,000 in 2047, with the size of the economy expected to be just short of $20 trillion, making it the third largest economy in the world, according to Bibek Debroy, Chairman of the Economic Advisory Council to the PM.
India is currently the fifth largest economy in the world, with GDP at $3.75 trillion.
“We just did 7 per cent (GDP growth). If you talk about the next three or four years’ real growth, there are all kinds of projections floating around. The average will be 6.5 per cent real rate of growth,” Debroy said in his address at the 18th Dr. DR Gadgil Memorial Lecture, organised by the Maharashtra Economic Development Council.
He emphasised that India will move into the upper middle-income category. In terms of the UNDP Human Development Index, India will move into the high human development category.
Referring to many people from the West, including non-resident Indian economists, lecturing India on the economic policies it should have pursued during the Covid-19 pandemic, Debroy said the Indian government did not pay any heed to this.
Debroy underscored that it would not be an exaggeration to say that India is in this comfortable position today relative to what is happening in the rest of the world because the fiscal tap was not loosened unnecessarily.