India, which is being known as an emerging economy today, is going to become a new example of economic power by 2047. In fact, India has today become the fifth largest economy in the world. This success was achieved because such economic decisions were taken in the country, which opened up the market, increased business and gave an opportunity to private investment. But in the coming years, we may see a big change in the country’s earnings, people’s income and standard of living. Let us know what the per capita income can be in India by 2047.

What could be the per capita income by 2047?

If the Indian economy grows at an average pace of 6 percent for the next two decades, the country’s per capita income could reach around $15,000 by the financial year 2047-48. If we look at it in Indian Rupees then this amount comes to around Rs 13 to 15 lakh annually. At present the per capita income is around Rs 2.5 lakh, which means it is expected to increase by about six times in the coming years.

There will be a big jump in GDP also

The report of rating agency Ernst & Young i.e. EY shows that India’s total GDP can increase to $ 26 trillion by 2047-48. Currently the country’s GDP is around 4.18 trillion dollars. This means that the size of the Indian economy can increase manifold in the next 21-22 years. This growth will place India more firmly in the ranks of the world’s largest economies.

Path to becoming the third largest economy

The EY report further states that India can become the world’s third largest economy after America and China by 2030. In such a situation, there is a possibility of leaving behind strong economies like Japan and Germany. India has already become the fifth largest economy in the world, which is a big achievement in itself.

Where is India getting its strength from?

There are many big reasons behind India’s economic strength, such as the country’s young population, rapidly growing digital economy, strong startup system, expansion in the manufacturing sector and increasing focus on green energy, etc. Apart from this, the policies of economic liberalization have promoted private investment and made India more competitive in the global market.

What will change in the lives of common people

When per capita income increases, it will have a direct impact on the lives of common people. With better income, expenditure on education, health, housing and facilities will increase. Also, new employment opportunities will be created and improvement in the standard of living may be seen.

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Prime Minister Narendra Modi said on Tuesday that the world now trusts India and is ready to create the future of the semiconductor industry with the country. He further said that the government will soon start the next generation improvement in the semiconductor area. Inaugurating ‘Seemicon India 2025’, Prime Minister Modi underlined India’s growing role in the Global Chip Market and said that the country is ready to play an important role in the trillion dollar semiconductor sector.

Prime Minister Modi said, $ 18 billion is being invested in 10 semiconductor projects approved since 2021. He further said, the world trusts India, the world believes in India and the world is ready to make the future of semiconductor with India. He further said that the size of the previous century was made of oil, but the future will be made of chips. Prime Minister Modi said that the Global Semacist Market has already reached a price of $ 600 billion and will soon cross the $ 1 trillion mark and India will play a major role in it.

Prime Minister Modi said this big thing

Prime Minister Modi stressed, “Our semiconductor industry is not limited to chip manufacturing only, we are making a semiconductor ecosystem that will make India globally competitive and self -reliant. Noida and Bangalore -based design centers are working on creating some of the world’s most advanced chips.” He said that India is working on the challenges of the global semiconductor industry.

India performed better than every hope and every assessment: PM Modi

The Prime Minister also highlighted India’s economic strength and said that despite global uncertainties, the country achieved a growth rate of 7.8 percent in the April-June quarter this year. Addressing the gathering present, he said, a few days ago, GDP figures of the first quarter of this financial year have come. Once again, India has performed better than every hope and every assessment. At a time when there are concerns in the world’s economy, there are challenges caused by economic selfishness, India has gained 7.8 percent.

PM Modi said that this demonstration shows that India is on the right path to become a product nation. Union Electronics and IT Minister Ashwini Vaishnav also addressed the gathering and urged global companies to manufacture in India, saying that the country has laid a strong foundation for the semiconductor industry in a few years. The theme of the three -day ‘Semcon India 2025’ conference being held in Yashobhoomi from September 2 to 4 is ‘Building the Next Semiconductor Powerhouse’.

The event is being jointly being organized by the India Semiconductor Mission (ISM) and the Global Semiconductor Industries Association, SEMI under the Ministry of Electronics and Information Technology. More than 20,750 participants are being included in the program, including more than 2,500 representatives of 48 countries, more than 150 speakers, more than 150 speakers (50 global leaders) and more than 350 masters.

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