Niti Ayog: India is Expected To become $30-trillion economy by 2047

By Consultants Review Team Monday, 30 October 2023

Preliminary results from the Centre's vision document, which is now being created, predict that India would be a $30 trillion mature economy by 2047, according to Niti Aayog CEO BVR Subrahmanyam on Sunday. PM Modi is expected to issue the Vision India@2047 document within the next three months. Before the draught vision document is available in December, the estimations will be fine-tuned.

India is currently believed to be the world's fifth-largest economy with a GDP of USD 3.7 trillion. India's GDP will surpass that of Japan and Germany by 2030, according to several estimations. As per S&P, India's nominal GDP would climb from $3.4 trillion in 2022 to $7.3 trillion by 2030.

"At this rate of economic expansion, Indian GDP will surpass Japanese GDP by 2030, making India the second largest economy in the Asia-Pacific region." By 2022, India's GDP has already surpassed that of the United Kingdom and France. According to a statement made earlier this year by the agency, "India's GDP is also expected to surpass Germany by 2030."

According to preliminary estimates released by the Niti Aayog, the economy will need to post an annual average economic growth of 9.2% between 2030 and 2040, 8.8% between 2040 and 2047, and 9% between 2030 and 2047. According to Subrahmanyam, the vision document would detail the structural adjustments and reforms required to achieve the goal.


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