Tuesday 20 / January / 2026
India celebrated its75th anniversary of independence in 2022. Milestones like these not only give an opportunity to celebrate the achievements of the past but are also an occasion to envisage a vision for the country.
The Government of India has set for itself the goal of becoming a “developed” economy by 2047. The next 25 years have been deemed as the ‘Amrit Kaal’ by Prime Minister Narendra Modi, a term drawn from Vedic inspiration, which means a uniquely auspicious period and represents India’s opportunity to herald a new world era.
India’s success is important for the world economy as it is home to approximately 1/6th of the global population.
In 2023, India is slated to become the largest country in terms of population, enabling it to become the largest contributor to the global workforce for the next several decades.
The enthusiasm for India’s growth prospects is palpable given the slowing global growth buffeted by recent headwinds of unprecedentedly high levels of global debt to GDP, inflation, decelerating global population growth and plateauing global trade to GDP.
These trends have been further exacerbated by rising protectionism amidst rising geopolitical tensions.
India has attained critical mass as the fifth largest economy in the world, realized primarily on account of its policies of economic liberalization, which made it more market-oriented, allowed for a greater role for private capital and in the process increased its global competitiveness.
The growth projections for the Indian economy are the highest for any large economy over the coming decades.
This report demonstrates that even while maintaining a stable yet modest growth rate averaging about 6% per annum, India would become a US$26 trillion economy (in market exchange rate terms) by 2047-48 (in nominal terms), with a per capita income exceeding US$15,000 (nearly six times the current value).
