: India can become upper middle income country by 2047 #finance #StockMarketNEWS #Business Press Trust of India New Delhi India can become an upper-middle-income country by 2047 if it manages

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India can become upper middle income country by 2047 #finance #StockMarketNEWS #Business
Press Trust of India

New Delhi

India can become an upper-middle-income country by 2047 if it manages to achieve a sustained growth rate of 7-7.5% for the next 25 years, EAC-PM chairman Bibek Debroy saidon Tuesday.

The country can become a $ 20 trillion economy by 2047 at this growth rate,he added.

India, the world’s sixth largest economy with a GDP of $ 2.7 trillion, is currently classified as a developing nation.

“Even if you have relatively conservative real rates of growth of 7-7.5%, we will get to a per capita income of about $ 10,000.

“And you will get to a total size of the economy of a little less than $ 20 trillion in 2047,�? the Economic Advisory Council to the Prime Minister (EAC-PM) Chairman said while releasing ‘The Competitiveness Roadmap for India@100’.

Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047.

“Which means India will be in the upper middle-income category, not a higher-income category,�? Debroy said, adding that it also means that the nature of Indian society will be completelytransformed.

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