India to become $26 trillion economy by 2047: EY report
An EY report states that the Indian economy is likely to reach $26 trillion by the year 2047, which will also be the 100th year of India's independence.
An overview of the news
The report also pointed out that the country's per capita income would cross $15,000, making it among the top developed economies.
The report also pointed out that despite maintaining a steady but modest growth rate of 6% per annum, India would still be able to become a $26 trillion economy by 2047–48, with per capita income six times higher than current levels.
According to the report certain factors have contributed to bring India to a position of high and sustainable growth.
These include accelerated pace of economic reforms in critical areas such as social inclusion, financial inclusion, fiscal, physical and digital infrastructure.
This has ultimately resulted in increased global competitiveness of Indian businesses and entrepreneurs.
An area with major potential is services exports which are set to grow by 14% over the past two decades to reach $254.5 billion in 2021-22.
Other enabling areas include 'digitalisation'.
Government's focus on increasing the country's digital infrastructure
Efforts towards e-governance
A strong digital payment ecosystem
Introduction of digital services in almost all domains
Large telecom subscriber base of 1.2 billion
837 million internet users, etc.
more energy independence,
ease of doing business,
power sector reform
What is EY report?
Launched in 2011, EY Reporting is EY Global Assurance’s insights hub.
It provides thought leadership on the issues global companies face in communicating corporate performance.
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