NEW DELHI: Global consultancy firm EY’s (Ernst & Young) growth projection for India shows that the country’s economy will reach a GDP size of $26 trillion by 2047, the 100th year of India’s Independence. The per capita income is expected to increase to $15,000, putting the country in the category of developed economies, says EY.
The report “India@100: Realising the Potential of a $26 trillion Economy”, was launched by Ashwini Vaishnaw, Railway and IT Minister, on the sidelines of the World Economic Forum (WEF) summit in Davos, Switzerland.
The report underscores the growth trajectory of the Indian economy that is projected to be the highest for any large economy over the coming decades. It also cites key enablers that will underpin the country’s development over the next 25 years that will unleash business opportunities across sectors and will significantly enhance India’s global competitiveness.
It recommends ensuring macro-economic stability and resilience and continued thrust on reforms, which will be especially relevant in the backdrop of on-going geo-political conflicts, inflationary pressures and slowing global growth. Launching the report, Vaishnaw said, “In line with Prime Minister Narendra Modi’s vision, India has commenced its journey into ‘Amrit Kaal’, a uniquely auspicious period, representing India’s opportunity to herald a new world era.”
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