India targets $30t economy by ’47

India has set an ambitious target of becoming a $30-trillion economy with a per capita income of $18,000 by 2047, according to an approach paper for the Vision for Viksit Bhara released on Saturday.

To achieve this, the country’s GDP must grow ninefold from its current $3.3 trillion, while per capita income needs to increase eightfold from the present $2,392.

India is currently the world’s fifth-largest economy and is projected to become the third largest by 2027.

The government acknowledges the challenges of escaping the middle-income trap, a phenomenon where countries struggle to transition from middle-income to high-income status.

The concept of Viksit Bharat envisions India as a developed country with a per capita income comparable to high-income countries. According to the World Bank, high-income countries have an annual per capita income exceeding $14,005 in 2023

The paper outlines a vision for India in 2047, including concrete goals, strategies, guiding principles, and action plans. It highlights the country’s large working-age population of 1.12 billion as a significant demographic advantage.

To achieve this ambitious vision, India will need to sustain economic growth rates between seven per cent and 10 per cent for an extended period.

Attribution: Times of India