New Delhi: Bibek Debroy, chairman of the Prime Minister’s Economic Advisory Council (EAC), has said that the size of the Indian economy will be $20 trillion (Rs 20 lakh crore) by 2047, provided that the annual average growth over the next 25 years is 7 percent.

Releasing the blueprint titled ‘The Competitiveness Roadmap for India@100’ on Tuesday, Debroy also said that if the country grows at an average economic growth rate of 7 to 7.5 per cent over the next 25 years, the annual Per capita income will be more than $10,000.

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Bibek Debroy, chairman of the Prime Minister’s Economic Advisory Council (EAC), expressed hope that by 2047, India will also be among the countries with high human development category.

At present, India is the sixth largest economy in the world with a Gross Domestic Product (GDP) of US$ 2.7 trillion. At present it is a developing country. This blueprint will outline the policy goals and principles for stabilizing India’s economy and moving it towards resilience. This blueprint will be according to the social structure of the country.

Blueprint of India’s development

The blueprint will also set the stage for improving the current economic condition of the country. On the basis of the reforms in recent years, it will be assessed what works now need to be given priority to India and how the country will be able to prepare itself for the challenges ahead.

The document also states that a competitive approach should serve as the basis of India’s economic and social policy, to drive growth and sustain it over a long period of time.

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India will become a developed nation by 2047

Bibek Debroy said that Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. A developed country is usually characterized by a relatively high economic growth rate, a better standard of living, and a higher per capita income.

Apart from this, it needs to perform well on the parameters of the Human Development Index (HDI). This includes basic things like education, literacy and health.

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