Potential for India to Achieve $55 Trillion Economy by 2047
Monday, 12 August 2024, 08:02
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.