This was announced by the Economic Advisory Council to Prime Minister (EAC-PM) Bibek Debroy on Tuesday (30/8), referring to the report “The roadmap for the competitiveness of [email protected]”…

“Even if we have a relatively conservative real growth rate of 7-7.5%, we will reach a per capita income of around US$10 trillion by 2047 and the total economy will be at least US$20 trillion. dollars,” he said. Financial Express.

However, currently, India is still a lower middle income country with an average population prosperity level of $2,000 or about Rs 29 million.

According to the World Bank, a country can be considered a high-income country if its income is above $12,000 per capita.

To this end, Debroy proposed to accelerate the economic growth rate this year to 8-8.5% to make India the highest income country.

To achieve this, India must increase its productivity and mobilize the workforce, while the government is encouraged to create diversified and competitive jobs.

Moreover, India also needs some changes in its industrial policy for its growth and improving its competitiveness.

According to the International Monetary Fund (IMF), the Indian economy is expected to grow by 7.4% between 2022 and 2023, making it one of the fastest growing economies in the world.

Prime Minister Narendra Modi is also optimistic about setting his ambitious goal of making India a developed country by 2047.

Going forward, to achieve the country’s ambitions, India will focus on developing key performance indicators as well as roadmaps for various sectors, ministries and states to achieve these goals.