Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), has said that the Indian economy can reach $20 trillion by 2047 if the annual average growth of the country is 7-7.5 percent in the next 25 years.
Releasing 'The Competitiveness Roadmap for India@100', Debroy also said the country's annual per capita income will be over $10,000 if the said growth rate is achieved in the next 25 years.
India will also be among the high human development category countries by 2047, he further said at the event.
Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. The world's sixth largest economy with a GDP of $2.7 trillion is currently classified as a developing nation.
A developed country is typically characterised by a relatively high level of economic growth, higher per capita income as well as performing well on the Human Development Index (HDI).
(With inputs from PTI)
