According to Bibek Debroy, chairman of the Prime Minister’s Economic Advisory Council, India’s GDP will be close to $20 trillion by 2047, and per capita income may reach $10,000 (at current USD values).

He said, virtually addressing the opening session of the 57th Annual Conference of the Indian Econometric Society (TIES) held at the University of Hyderabad (UoH) here, that while the COVID-19 pandemic has passed, there is still a lot of uncertainty around the world about what is going on in China, the Russia-Ukraine conflict, and growth prospects in Europe and the United States.

“By 2047, India will have a per capita income of $10,000 in today’s dollars. The average size of the GDP will also be approaching $20 trillion. As a result, India will be a transformed society,” according to a varsity press release quoting Debroy.

He stated that the government has provided basic necessities to the people, particularly in rural areas, and that economic indicators in India have improved since the COVID. Everyone is now looking forward to the rate of growth in 2023-24 and the economy’s growth by 2047.

According to him, India may experience volatility in forex markets, capital markets, and exchange rates as a result of global uncertainties such as the Russia-Ukraine conflict, growth prospects in Europe, and the United States.

“Since India is not insulated, we will also face the volatility, forex markets and capital markets and exchange rates will face volatility. “There will be some uncertainty in inflation rates,” he said.

Debroy believes that India requires a simplified GST and direct tax because these are the areas in which everyone should think and conduct research in order to make well-informed policy decisions.

To raise India’s growth rate from 7% to 8%, much more research must be conducted at the state level, because different states are at different stages of development, and thus the sources of growth will differ.

“But the fact of the matter is that to raise the growth trajectory, we need to make land markets more efficient. Agriculture will also benefit greatly from more efficient land markets. Similarly, we must improve the efficiency of labour and capital markets,” he added.