Debroy predicts India likely to achieve high-income status by 2047

Famous economist Dr. Bibek Debroy, who serves as the head of Prime Minister Modi’s Economic Advisory Council, forecasts that India will expand at a comfortable real rate of 7.5 percent and will probably reach high-income status by 2047.

In a book titled “India 2047: High Income with Equity,” written with more than 20 other economists, including the former chairman of the Prime Minister’s Economic Advisory Council, Dr. C. Rangarajan, Debroy outlined his estimates for India in 2047.

On May 27, 2023, the day the Prime Minister is set to discuss his vision for the Amrit Kaal plan at the Governing Council meeting of the Niti Aayog, Sameer Kochhar, chairman of the SKOCH Group, reform historian, and author of ModiNomics, will publish the book he has put together.

“I have always tried to understand the entire scope of the Prime Minister’s directive and translate it into an action plan by assembling the top experts in the nation to help people understand the ‘how’ of the concept. This serves as a fantastic point of reference for developing policies and carrying them out successfully,” Kochhar added.

In 2047, India will move out of the upper-middle income bracket and closer to high-income status, which is currently defined as having an annual income of over US$12,695. There will be socioeconomic upheaval and a dramatic drop in poverty. The United Nations Development Programme (UNDP) developed the idea of the human development index (HDI), based on per capita income, life expectancy, and education indicators, because the GDP is an imprecise metric. India will advance from its current category of medium human development to that of high human development by the year 2047. The world’s influence will significantly grow.