India’s GDP will reach $26 trillion (in market exchange terms) and its per capita income will touch $15,000 by 2047, firmly establishing India among the ranks of developed economies, said an EY report.
The study, titled "India@100: Realizing the Potential of a US$26 Trillion Economy," was launched by Ashwini Vaishnaw, the Railway and IT Minister, on the sidelines of the World Economic Forum in Davos, Switzerland.
The research recommended a sustained focus on reforms to lessen the impact of existing geopolitical conflicts, inflationary pressures, and a slowing global economy while highlighting key enablers that will drive progress over the next 25 years.
"In line with Prime Minister Narendra Modi’s vision, India has commenced its journey into 'Amrit Kaal', a uniquely auspicious period, representing India’s opportunity to herald a new world era. There is an unparalleled impetus on developing world-class infrastructure supported by growth and investment-oriented policies and reforms to establish India as a manufacturing and technology hub," said Vaishnaw. "Over the next decade, India will not only be the fastest growing economy but will also play an integral role in leading the world into a sustainable future."
The study said that amid the ongoing megatrends, India would have a significant advantage owing to its strong domestic demand, digitalization, largest talent pool globally, financial inclusion, global competitiveness, and sustainability transition.