The Indian government aims to achieve “developed” status by 2047, coinciding with the nation’s 75th year of independence. According to Ernst and Young’s “India@100: Realizing the Potential of a $26 Trillion Economy,” India is projected to become a $26 trillion economy by 2047-48. This transformation hinges on sustained policy reforms, a digital revolution, and leveraging India’s demographic dividend.
The report forecasts India to maintain its position as the fastest-growing major economy in the medium term, aiming for a per capita income surpassing $15,000 by 2047-48. Termed the “Amrit Kaal,” the next 25 years are anticipated to usher in a period of significant economic prosperity and global influence for India.
Key drivers of India’s economic ascent include its burgeoning digital economy and rapid technological advancements. The country has emerged as a global hub for business and technology services, particularly in IT and BPO sectors, fueled by robust services exports. Moreover, India’s digital infrastructure innovations like UPI and the India Stack have greatly enhanced financial inclusion and business opportunities, cementing its position in the global digital economy.
In summary, Ernst and Young’s analysis paints a promising outlook for India’s economic future, underpinned by demographic strength, digital innovation, and strategic regulatory reforms. Should India sustain its current growth trajectory, it stands poised to become a significant global economic powerhouse by 2047.
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