“India can be a $55 trillion economy by 2047 as we are targeting 8% real growth and 5% inflation,” said Krishnamurthy V. Subramanian, Executive Director, International Monetary Fund & Former Chief Economic Advisor, Government of India.
“To put this further into perspective, Japan experienced remarkable economic growth from 1970 to 1995, demonstrating the power of sustained development. The compounding effect on GDP growth means that each year of growth builds on the previous year’s achievements, creating exponential progress. China’s economic growth since 2007 offers a similar comparison, highlighting how strategic investments and policies can lead to significant long-term economic gains,” he said during the launch of his book ‘India @ 100: Viksit Bharat 2047’. The event was organised by the Confederation of Indian Industry (CII), in Chennai on Thursday.
Mr. Subramanian further said, “The middle-income trap, a situation where a country’s growth slows after reaching middle-income levels, is a critical challenge we must address. Manufacturing growth and integration into global value chains are essential to overcoming this. State governments play a vital role in driving economic reforms to support these efforts,” he added.
He then said: “Additionally, it is important to clarify the employment data and job creation landscape in India. Despite various reports, our focus remains on creating sustainable and meaningful employment opportunities for all.”
