India's economic prospects bright amid malign geopolitical situation: PM's Economic Advisory Council
Aug 30, 2022
New Delhi [India], August 30 : India's economic growth prospects are bright amid the malign geopolitical situation and is one of the relatively better-performing countries, said Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy said on Tuesday.
Debroy made the remarks while releasing the Competitiveness Roadmap for India@100 -- what the government terms as India's Amrit Kaal.
"I would say that leading up to 2047 whether it's in terms of development indicators, whether in terms of growth rates, whether it is in terms of reduction in poverty, whether it is in terms of increase in employment, the moment you begin to look beyond the immediate concerns of uncertainty, the prospect is fairly bright," Debroy said.
Speaking about GDP numbers, he said it will not miss the nominal growth rates envisaged in the Budget.
The India@100 roadmap guides the way for India to become a high-income country by 2047 through sector-specific and region-specific policies and provides the basis for a renewed approach to India's growth and development strategy.
The roadmap sets out to give new guiding principles that are based on clearly defined overall goals and the articulation of a new development approach embedded in integrating social and economic agendas.
"If India's development trajectory has to emerge faster, higher, and stronger, both government policies and the enterprises and markets functioning in the environment set by the former, are of great significance," Debroy added.
Debroy said that size of the Indian economy will touch USD 20 trillion by 2047 provided the annual average growth is 7-7.5 per cent in the next 25 years. The country's annual per capita income will be over USD 10,000 if the country grows at an average economic growth rate of 7-7.5 per cent in the next 25 years.
According to him, India will also be among the high human development category countries by 2047.
