New Delhi, 30 August
The Prime Minister’s Economic Advisory Council (EAC-PM) on Tuesday unveiled ‘The Competitiveness Road Map for [email protected]’, which lays out the road map for India to become an upper middle-income country by 2047. its independence.
EAC-PM Chair Bibek Debroy said India could achieve this if it could achieve sustained growth of 7-7.5% over the next 25 years.
The country could become a $20 trillion economy by 2047 at this rate of growth, he added. India, the world’s sixth largest economy with a GDP of her $2.7 trillion, is currently classified as a developing country.
“Even with a relatively conservative real growth rate of 7-7.5%, per capita income would reach about $10,000, and the size of the economy as a whole would reach just under $20 trillion by 2047. ‘ said Debroy, announcing the document.
According to the World Bank, countries with annual per capita income above $12,000 are considered high-income countries.
The roadmap is a joint effort between EAC-PM and the Institute. Gain a competitive edge with input from Harvard Business School Professors Michael Porter and Christian Ketels. “The basic premise is that productivity is the engine of sustained prosperity. His G20 Sherpa for India, Amitabh Kant, said that it is not only about achieving ambition, but also about making sure the country is there. There is also an emphasis on how to get there.
Prime Minister Narendra Modi has set an ambitious goal to make India a developed country by 2047. India’s record is also not very high. ”
According to the International Monetary Fund, India’s economy is projected to expand by 7.4% from 2022 to 2023, making it one of the fastest growing economies in the world. Developed countries are typically characterized by relatively high levels of economic growth, prevailing standards of living, high per capita income, and good performance on the Human Development Index (HDI).
India was classified as a “third world” country upon independence in 1947.