New Delhi, March 21 India can become a prosperous and wealthy nation by 2047,if the economy continues to grow at a strong pace and maintains a rate of 7 per cent over the long term, according to a new report.
The Washington Examiner's report noted that the country’s growth record has been impressive, with the economy expanding at an average annual rate of around 7 per cent.
"If the country can maintain that growth rate for the next 20 years, India will reach the threshold of a high-income nation, with a per capita GDP of over $15,000 in 2025 US dollars," the analysis projected.
It added that India could sustain this long-term growth trajectory and avoid the so-called “middle-income trap” that has hindered countries such as Brazil, South Africa and Turkey.
The report identified India’s demographic profile as a key structural advantage, noting that the country remains one of the youngest major economies in the world, with a median age of 28. On the other hand, the median age in the US is around 38, while China’s is close to 41.
Over the next two decades, a significant share of India’s population will enter the workforce, ensuring a steady supply of productive labour and supporting the expansion of a large domestic consumer base.
The report also emphasised that this demographic dividend, combined with rising productivity, could help sustain high growth. It also highlighted shifting global supply chains as a major opportunity.
As Western economies, particularly the US, diversify away from China, India is emerging as a key alternative manufacturing and investment destination as global technology firms such as Apple are expanding their presence in India.
India’s digital ecosystem -- including digital identity, mobile payments and e-governance platforms -- is integrating millions into the formal economy, improving efficiency, enhancing tax compliance and expanding access to finance for small businesses.
The report also pointed to India’s strong entrepreneurial culture, supported by a growing venture capital ecosystem. Startups in sectors such as fintech, artificial intelligence and e-commerce are gaining scale, helping the country move up the value chain.
According to the report, reforms undertaken under Prime Minister Narendra Modi -- spanning taxation, judicial processes and education -- are aimed at addressing structural bottlenecks and sustaining long-term growth.
"Economic history has shown that countries can escape the middle-income trap through strong capital investment, expanding labour supply and technological advancement -- factors that are increasingly present in India’s growth story," according to the report.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor