India is in the midst of transformation from an era of shortages to the 3rd largest economy, Dr Bibek Debroy

“India is transforming from an era of shortages towards becoming the 3rd largest economy in the world by 2047. India’s projection for per capita income for the year 2047 is $10000 from $2300 as We are in the midst of Amrit Kaal,” said Dr Bibek Debroy, economist and Chairman of the Economic Advisory Council to Prime Minister. He was speaking at the ‘’18th Dr DR Gadgil Memorial Lecture” here organised by the Maharashtra Economic Development Council (MEDC).

He further mentioned that the main sources of growth sectors of India are going to be efficient landmarks and labour markets as in 9 decades recognition of India has increased as average Indians are proud to be Indian.

“According to the UNDP report, India would no longer be called a developing country but would be called a high human development country”. The population of India is relatively less as compared to Census 2011. As the population of India has decreased to 0.87%,’’said Dr Debroy.

Earlier, in his speech, the Maharashtra Institution for Transformation CEO Praveen Pardeshi said, ‘India is in the process of being the third largest economy and Maharashtra will have the highest contribution of share in it. He highlights the two major challenges faced in India which are land availability and economic elasticity of labour markets and how important it is to tackle the economic problems as it causes hindrances to economic growth.

Mr Pardeshi said that Dr Dhananjayrao Gadgil, eminent economist and former Deputy Chairman of the erstwhile Planning Commission, has set tradition in Maharashtra of being theoretical economist. He mentioned nobel prize winning economists are high in theory but they do not aim at setting up district central cooperative banks or setting the tone of what monetary policy should be. Economists should focus more on practicality.