Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister, said on Wednesday that India's gross domestic product (GDP) would touch $20,000 by 2047. With this, the per capita income of the country can reach $ 10,000 (at the current value of dollars).
Debroy was addressing the inaugural session of the 57th Annual Conference of the Indian Econometric Society (TIES) held at the University of Hyderabad (UoH) digitally. During this, he said that even though the Kovid-19 pandemic has passed, there is a lot of uncertainty around the world due to the return of Kovid in China, the Russia-Ukraine conflict, and developments in Europe and America.
Debroy was quoted in an official release as saying, "At today's value of US currency, India's per capita income will be $10,000 by the year 2047. The average size of GDP would be $20 trillion. That means India will be a changed society.
He said that necessities have been provided to the people including in rural areas. Economic indicators have improved post-COVID in India. Everyone now wants to see the growth rate in 2023-24 and the growth of the economy till 2047.
Debroy said that the country may see volatility in the foreign exchange market and capital market due to global uncertainty due to things like the Russia-Ukraine war, and prospects of economic growth in Europe and America.
He said, “India is not isolated from them. In such a situation, we will also have to face instability. Fluctuations in the foreign exchange market, capital markets, and exchange rates will be encountered. Inflation will also be affected by these uncertainties.” Debroy said India needed a simplified Goods and Services Tax (GST) and direct taxes. These are the areas on which everyone should think.
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