How much will India's per capita income be by 2047? The amount will blow your mind!
India Per Capita Income 2047: By 2047, India's per capita income could increase several times over its current level. If this pace continues, India will enter a new era of economic power. Let's find out.
The India that is known today as an emerging economy is poised to become a new example of economic power by 2047. India has already become the world's fifth-largest economy. This success is due to economic decisions that opened up the market, boosted business, and encouraged private investment. But in the coming years, a major change can be seen in the country's earnings, people's income, and standard of living. Let's find out what India's per capita income could be by 2047.
How much could the per capita income be by 2047?
If the Indian economy grows at an average rate of 6 percent over the next two decades, the country's per capita income could reach approximately $15,000 by the financial year 2047-48. In Indian rupees, this amount is approximately 13 to 15 lakh rupees annually. Currently, the per capita income is around 2.5 lakh rupees, meaning a nearly six-fold increase is projected in the coming years.
A big jump in GDP as well
A report by the rating agency Ernst & Young (EY) suggests that India's total GDP could increase to $26 trillion by 2047-48. Currently, the country's GDP is around $4.18 trillion. This means that the size of the Indian economy could increase several times over in the next 21-22 years. This growth will further solidify India's position among the world's largest economies.
On the path to becoming the third largest economy
The EY report further states that India could become the world's third-largest economy after the US and China by 2030. This raises the possibility of India surpassing strong economies like Japan and Germany. India has already become the world's fifth-largest economy, which is a significant achievement in itself.
Where is India getting its strength from?
Several major factors contribute to India's economic strength, such as its young population, rapidly growing digital economy, robust startup ecosystem, expanding manufacturing sector, and increasing focus on green energy. Furthermore, economic liberalization policies have boosted private investment and made India more competitive in the global market.
What will change in the lives of ordinary people?
When per capita income increases, it will directly impact the lives of ordinary people. Higher incomes will lead to increased spending on education, healthcare, housing, and other amenities. Additionally, new job opportunities will be created, and an improvement in the standard of living can be expected.
