India’S Per Capita Income Would Exceed $15,000 By 2047-48, Says EY Report
Date
6/15/2024 2:00:25 PM
(MENAFN- AsiaNet News) As India celebrates its 75th commemoration of freedom, the government has set for itself the objective of getting to be a“developed” Economy by 2047. An Ernst and Young's "India@100: Realizing the Potential of a $26 Trillion Economy" presents 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 highlights 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.
The research highlights 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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