In a report released on Wednesday, EY noted that even while maintaining a stable yet modest growth rate of 6% per annum, India would become a $26 trillion economy, in nominal terms by 2047-48 with the per capita income at six times the current levels.
India’s GDP will be $26 trillion in market exchange rate terms by 2047-48, and India’s per capita income would exceed $15,000, putting it among the ranks of developed economies according to EY.
In a report released on Wednesday, EY noted that even while maintaining a stable yet modest growth rate of 6% per annum, India would become a $26 trillion economy, in nominal terms by 2047-48 with the per capita income at six times the current levels.
The recent accelerated pace of economic reforms of the last few years in the domains of fiscal, digital, physical infrastructure and social inclusion, has positioned India for higher and sustainable growth, the report noted.
This, together with the largest, broadest and deepest labour pool, with a relatively inelastic labour market, provides a long runway for improving productivity at a pace faster than growth in wages. This enhances the global competitiveness of enterprises doing business in India.
Among the key enablers is the services exports which have grown by 14% over the last two decades to $254.5 billion in 2021-22. A large part of services exports is from the Information.
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Digitalisation too is an enabler. The large telecom subscriber base of 1.2 billion and 837m internet users combined with government’s focus on building digital platforms have laid foundations for a digital economy, enabled the development of a robust digital payment ecosystem and strengthened governance. N Chandrasekaran, Chairman Tata Sons, wrote in the foreword, “our technology strength means that we are well placed to continue reimagining our national blueprint using digital. If we use technology in the right way — and put our people first — it can fix structural problems that have held us back for decades,”. Chandrasekaran added that it wasn’t merely about domestic development. “It is about becoming a global hub for technology that will drive exports, fuel growth and raise incomes even faster,” he observed. India, he noted, has already led the world in reimagining ways of work once before, during the transition from hardware to software. As traditional ways of doing things continue to be transformed by the accelerating digital revolution, we can lead again.
https://www.financialexpress.com/economy/india-to-be-26-trillion-economy-by-2047-48-ey/2952947/
