Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister, said on Tuesday that India will become an upper-middle-income country by 2047 even if the real gross domestic product (GDP) grows at a “relatively conservative” rate of 7-7.5 per cent in the next 25 years.
If that happens, India’s economic size will be just shy of $20 trillion and its annual per capita income will be about $10,000, when the country celebrates its centenary of independence.
Though 7-7.5 per cent growth does not seem too high, maintaining this for 25 years is a tough task, as is shown