In a little over two decades from now, India will be celebrating
100 years of independence.
had recently announced that India is targeting to become a
developed nation by 2047
. Is it an achievable goal? Let's find out
The performance of Indian Economy
has been worth appreciating in
2022, the year that was a roller coaster ride, owing to geopolitical
issues, financial troubles, etc.
According to IMF, India will overtake
Germany & Japan
to become the
world's 3rd largest economy by FY28.
India's GDP has grown from
₹ 2.7 trillion in 1947
₹ 150 trillion in 2022
. India is currently a developing nation.
However, it is expected that if India
continues to grow at a rate of 7-7.5%
for the next two decades or so, it can become a developed country by 2047.
India: a developing nation
EAC-PM (Economic Advisory Council to the Prime Minister)
Chairman Bibek Debroy
believes that India can become
an upper-middle-income country by
2047 if it grows at a rate of 7-7.5%.
India is currently a lower middle- income economy
and in order to become a developed nation,
India needs to work on its per-capita
GDP which was $2,277 in 2021.
This was behind the per-capita GDP of
Hunger: India ranked 107th among 121
countries on the Global Hunger Index (2022), worse than
Nepal, Sri Lanka, Pakistan, etc.
The income inequality in India is
quite poor with the top 10% holding 57% of national income.
Therefore, India needs to address these problems
to become a developed nation by 2047.
Around 25% of India's population is illiterat
e and despite having a vast working-age population
India has high unemployment rates
& all these factors combined pose
threat to India's dream of becoming a developed country.
Next question is,
how long will India take
to become the world's biggest economy?
Assuming that INR remains stable
against the USD
, Indian Economy will have to grow at a rate of
14% every year to become world's
biggest economy by 2047.
, Indian Economy had been growing at 14% every year.
India is increasingly attracting global investments &
the recent discovery of
5.9 million tonnes of Lithium reserves in Jammu & Kashmir
will be a game changer for Indian Economy.
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