India GDP Growth: India will not have to wait till 2048 to become the second largest economy in the world. Rather, India can achieve this feat only in 2031 and by 2060 India can become the largest economy in the world. This claim has been made by Michael Debabrata Patra, Deputy Governor of the banking sector regulator Reserve Bank of India.
Addressing the mid-career training program of IAS officers at Lal Bahadur Shastri National Academy of Administration, Mussoorie, Michael Patra said, in the financial year 2023-24, according to the current exchange rate, India will 3.6 trillion dollar economy has been created. India’s per capita income is Rs 2,07,030 or 2500 dollars, according to which India comes in the Lower Middle Income Group countries. Achieving this feat has been effortless. With a growth rate of 8 percent, India is the fastest growing country in the world.
Michael Devvrat Patra said, if India grows economically at the rate of 9.6 percent for the next 10 years, then it can break out of the trap of lower middle class income and become a developed country. Its benefits should be visible in per capita income with two milestones. First, if the annual per capita income increases from 4516 to 15005 dollars, India will achieve the status of being a middle income country and will also gain the distinction of being a developed country. But to become a developed country by 2047, the per capita income level will also increase to $ 34,000 annually.
The Deputy Governor said, whatever is our power, I can say that it is possible that not by 2048 but in the next decade itself, India will become the second largest economy of the world by 2031 and will be the largest economy by 2060.
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