Potential for India to Achieve $55 Trillion Economy by 2047

Monday, 12 August 2024, 08:02

According to KV Subramanian, former Chief Economic Advisor, India has the potential to become a $55 trillion economy by 2047, provided it maintains an annual GDP growth rate of 8%. This ambitious target is supported by India's youthful population, increasing technological advancements, and a robust service sector. Subramanian emphasizes that sustained reforms and innovative policies are crucial for realizing this vision, highlighting the importance of strategic planning in the economic landscape.
Indiatimes
Potential for India to Achieve $55 Trillion Economy by 2047

India's Economic Potential

India can potentially become a $55 trillion economy by 2047 if it sustains an annual GDP growth rate of 8%. This forecast was articulated by KV Subramanian, former Chief Economic Advisor.

Key Drivers of Growth

  • Demographic Advantages: A youthful population presents a significant opportunity for economic expansion.
  • Technological Innovations: Advancements in technology are pivotal for productivity improvements.
  • Service Sector Growth: A strong service sector underpins economic stability and growth.

Conclusion

To achieve this ambitious target, India must implement consistent economic reforms and ensure effective strategic planning.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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