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India’s GDP nearing $20 trillion by 2047

January 06, 2023

India’s GDP nearing $20 trillion by 2047
India’s GDP will be close to $20 trillion by 2047 and per capita income may reach $10,000 (at current value of U.S. Dollar), Bibek Debroy, chairman, Economic Advisory Council to the Prime Minister, said on Wednesday.

Virtually addressing the inaugural session at the 57th Annual Conference of the Indian Econometric Society held at the University of Hyderabad here, he said though the Covid-19 pandemic may have passed, still there is a lot of uncertainty around the world on what is happening in China, about the Russia-Ukraine conflict, growth prospects in Europe and the USA.

“In 2047, India will have a per capita income of the value of today’s dollars of $10,000. The average size of the GDP will be approaching close to $20 trillion too. India, therefore, will be a transformed society,” a press release from the varsity quoting Debroy said.

Remarking that basic necessities have been provided to the people and more so in the rural areas by the government, he said the economic indicators after the Covid have improved in India. Everyone is now looking to see the rate of growth in 2023-24 and the growth of economy by 2047.

According to him, India may witness volatilities in forex markets and capital markets and exchange rates due to some of the uncertainties around the world such as Russia- Ukraine conflict, growth prospects in Europe and the USA.

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