The Indian Economy may touch as high as $ 20 trillion by 2047, Prime Minister’s Economic Advisory Council’s (PMEAC) chairman Bibek Debroy said on Tuesday while releasing the ‘Competitiveness Roadmap for India @100.’

India @100 is the blueprint for the next 25 years for India leading to 2047, the 100th year of the country’s Independence.

India a developed nation by 2047

For the last eight years the government, while fighting against lack of equity in access, has worked on financial exclusion as well as social and economic infrastructure to ensure it, Debroy said while addressing the programme.

He further added that Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. India is currently considered among developing nations.

A developed nation is typically characterized by a relatively high level of economic growth, a general standard of living, and higher per capita income as well as performing well on the Human Development Index (HDI) that includes education, literacy and health.

By 2047, India among high human development Index countries

India, which is the world’s sixth largest economy with a GDP of USD 2.7 trillion, can achieve a per capita income of over $ 10,000, if it grows at a growth rate of 7-7.5 percent for the next 25 years.

India will also be among one of the top countries in the human development index category by 2047, he added.

What is Competitiveness Strategy

The roadmap identifies measures to tap the vast potential of the nation, an official statement said.

The document also underlines the tasks that can boost its income and make the economy more resilient and sustainable by 2047.

The competitiveness strategy, according to the statement, should be the cornerstone of India’s economic and social policies in order to promote growth and sustain it over the long term.

The roadmap has been prepared in collaboration with the Institute for Competitiveness, which is part of the global network of the Institute for Strategy and Competitiveness at Harvard Business School.

It was released by Debroy in the presence of G-20 Sherpa and former CEO of Niti Aayog Amitabh Kant and PMEAC member Sanjeev Sanyal.

(inputs from IANS)