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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