By 2030, India could become a $7-trillion (Rs 400-lakh-crore) economy, NITI Aayog member Bibek Debroy said on Friday, PTI reported.
At $2 trillion, India is currently the world’s seventh-largest economy, between France and Italy, according to the World Economic Forum.
Debroy, who is also on the Prime Minister’s Economic Advisory Council, said India will be a “remarkably different country as the size of its economy will enhance the country’s role in global affairs”.
“In 2030, India’s national income will be around $6.5 trillion to $7 trillion, and if the exchange rate remains what it is today, then by 2035-40, India will be a $10-trillion economy,” Debroy said at a summit organised by a think tank in New Delhi.
However, India’s per capita income – the average income earned by every individual – will be just $4,000 (Rs 2.5 lakh) in 2030, lower than that in several other countries, Debroy said.
Another member of the Prime Minister’s Economic Advisory Council, Ashima Goyal, said India will need to grow by 7% a year if it has to become a $10-trillion economy by 2030, The Hindu reported. This would mean ensuring high growth, creating jobs and reducing poverty, Goyal said.