India To Become a $26 Trillion Economy by 2047: EY Report

The Indian economy is likely to reach the $26 trillion mark by 2047, the 100th year of the country’s independence, according to an EY report.

It also said that the per capita income is also expected to increase to $15,000, putting the country among the ranks of developed economies.

The report, India@100: Realizing the potential of a $26 trillion economy, was launched by union railway minister Ashwini Vaishnaw on the sidelines of the World Economic Forum at Davos, Switzerland.

The report underscores the growth trajectory of the Indian economy that is projected to be the highest for any large economy over the coming decades. It also cites key enablers that will underpin the country’s development over the next 25 years that will unleash business opportunities across sectors and will significantly enhance India’s global competitiveness.

It recommends ensuring macro-economic stability and resilience and continued thrust on reforms, which will be especially relevant in the backdrop of on-going geo-political conflicts, inflationary pressures and slowing global growth.

Launching the report, Ashwini Vaishnaw said, “In line with Prime Minister Narendra Modi’s vision, India has commenced its journey into ‘Amrit Kaal’, a uniquely auspicious period, representing India’s opportunity to herald a new world era. There is an unparalleled impetus on developing world-class infrastructure supported by growth and investment-oriented policies and reforms to establish India as a manufacturing and technology hub.

Over the next decade, India will also play an integral role in leading the world into a sustainable future along with being the fastest growing economy, said Vaishnaw, who is also the union minister for communication and IT.

Carmine Di Sibio, Global Chairman and CEO, EY said: “As this study shows, India offers a unique investment opportunity as the world struggles with heightened consumer demands and increased geo-political pressures. With the biggest talent pool, an accelerated pace of economic reforms, breakthroughs in energy transition, and rapid digital transformation, the long-term growth trajectory is clearly positive. India demonstrates immense potential and is positioned to make a truly transformative impact on the world stage.”

Rajiv Memani, Chairman and Managing Partner, EY India noted that the entrepreneurial spirit of the private sector and policy measures of the last few years in the domains of fiscal, digital, physical infrastructure and social inclusion has uniquely positioned India for higher and sustainable growth.

“India is already among the fastest growing economy globally. The next 25 years must bring an equal and strong focus on providing inclusive opportunities to all sections of the population, including women and those economically and socially disadvantaged,”Mewani noted.