Seventy-five years ago today, India embarked on its remarkable journey as a free country. Across this considerable expanse of time, we have accomplished much. In terms of purchasing power parity, India is the world's third-largest economy. Using market prices, we are the sixth largest, and should overtake UK, the old colonial power, in the near future. By 2048, according to OECD's calculations, we could be larger than the US economy using purchasing power parity, and at current prices, about 50% of the superpower's GDP. As per the seminal research by Angus Maddison, India was the world's largest economy between 1 and 1000 AD and again in 1700, before the industrial revolution took hold in the west.
The Indian economy has thus re-emerged in the last 75 years, and its pace has picked up in the last 30. Recent achievements, notably the rapid spread of digitisation, financial inclusion and a successful mass vaccination programme have won global acclaim.
What will the Indian economy look like in 2047, the 100th anniversary of Independence? Much like attaining Independence, becoming a prosperous, trend-setting inclusive global power means accomplishing many tasks that we have set ourselves.
Becoming the third-biggest economy in the world by 2030, a global hub for R&D and a humming knowledge economy, reaping the much-vaunted demographic dividend, being truly atmanirbhar while being plugged into global value chains, becoming a sporting superpower, providing accessible quality healthcare to all, becoming a startup super-breeder and unleashing India’s pent-up entrepreneurial spirit, leading to bring about a clean, sustainable world, and gaining a permanent place as a geopolitical l leader, are trajectories that have already been set in motion. These journeys are all part of a single destination: India 2047.
Read more at: https://economictimes.indiatimes.com/news/india/countdown-2047-how-india-can-take-immense-strides-and-awake-to-its-true-potential-in-next-25-years/articleshow/93566964.cms