Renowned Economist, Dr Bibek Debroy, chairman of the Economic Advisory Council to Prime Minister Modi, has projected that India will grow comfortably at a real rate of 7.5 percent and will likely approach high-income status by 2047.
Debroy’s projections were made in a book titled ‘India 2047 – High Income with Equity’, in which over 20 other economists including former Chairman of the Economic Advisory Council to Prime Minister, Dr C. Rangarajan, have detailed their roadmap to India 2047.
The book, compiled by Sameer Kochhar, chairman, SKOCH Group, Reforms historian and author of ModiNomics, is scheduled to be released on May 27, 2023, the day the Prime Minister will likely highlight his vision of the roadmap of Amrit Kaal at the Governing Council meeting of the Niti Aayog.
“It has always been my attempt to grasp the full magnitude of the direction given by the Prime Minister and translate it into an action agenda by garnering the best available expertise in the country to make the ‘how’ of the idea more widely understood. This becomes a great reference point for policy making and effective implementation,” Kochhar said.
According to Debroy's paper, in 2047, India will pass through the upper-middle-income category and approach the high-income status—presently defined as more than US$ 12,695. Poverty levels will decline sharply and there will be socioeconomic churn. “Since the GDP is an imperfect measure, the United Nations Development Programme (UNDP) has evolved the notion of the human development index (HDI), based on per capita income, life expectancy, and education indicators. By 2047, India will move from the present medium human development category to the high human development category. The global clout will increase greatly.”