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India’s per capita income would exceed $15,000 by 2047-48, says EY report

The Government of India has set itself the goal of becoming a “developed” economy by 2047. Prime Minister Narendra Modi has deemed the next 25 years the ‘Amrit Kaal’. The growth projections for the Indian economy are the highest for any large economy over the coming decades.

India per capita income would exceed $15, 000 by 2047-48 claims EY report RBA
First Published Jun 15, 2024, 2:17 PM IST

The Indian government has set an ambitious goal of transforming the nation into a "developed" economy by 2047. Accoridng to Ernst and Young's "India@100: Realizing the Potential of a $26 Trillion Economy", it presented an ambitious vision for India's economic. One of the most significant aspects of the latest report is its projection that India will evolve into a $26 trillion economy by 2047-48. This transformation will be propelled by a series of consistent policy reforms, a digital revolution, and the nation's unique demographic advantages.

The report highlighted that India will remain the fastest-growing large economy over the medium term, positioning itself among developed economies with a per capita income exceeding $15,000 by 2047-48​​. 

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With its sizable population and ability to contribute to the global workforce, India's economic rise will be critical to the nation and the world economy. The following 25 years, known as the "Amrit Kaal," are seen to be fortunate for India since they bring in a new era of wealth and power on a worldwide scale.

India per capita income would exceed $15, 000 by 2047-48 claims EY report RBA

The research noted that the rapid speed of economic changes and the expanding digital economy in India drive the country's growth trajectory. India has become a global centre for business and technology services because to the significant rise in services exports, especially in the IT and BPO industries. 

Additionally, India's digital infrastructure, exemplified by platforms like UPI and the India Stack, has significantly enhanced financial inclusion and business opportunities, making India a pioneer in the global digital economy.

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India, indeed, has the potential and opportunity to become a strong and resilient pillar in the changing global economic order.

In conclusion, EY's analysis presents a positive picture of India's economic future, fueled by a blend of demographic strength, digital innovation, and regulatory changes. If it continues its current development trajectory, India might become a significant worldwide economic force by 2047.

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