Indian Economy projected to be $26 trillion by 2047: EY Report

Indian economy is the fifth largest economy in the world and the largest in South Asia. It is characterized by its large and diverse population, rapid economic growth, and wide array of economic activities. India has a diverse range of sectors, including agriculture, industry, services, and manufacturing. India's economy is fuelled by a combination of private and public investments, consumer spending, and exports.

The economy of any country is assessed by taking into account a variety of factors, including the country's GDP, trade balance, inflation rate, currency exchange rate, and consumer spending. Other factors that are taken into account include the level of foreign direct investment, government spending, and the performance of the stock market. In addition, the Indian economy is also assessed using indicators such as the unemployment rate, poverty rate, and level of industrial production.    

India's economy is projected to reach $26 trillion by 2047, according to estimates published in India@100: Realizing the potential of a $26 trillion economy by consulting firm EY (Ernst and Young). Further, it is also expected that per capita increase to $15,000, putting the country among the ranks of developed countries. The report highlights the growth trajectory of the Indian economy, which is projected to grow faster than any major economy in the coming decades.

India has the potential to become one of the world's top three economies by 2047. The report looks at how India can achieve this goal by leveraging its current strengths, such as its large and growing population, large market, and abundant natural resources. It also identifies areas for improvement, such as infrastructure, education, and governance.

The report also provides insights into the various challenges that India will have to face in order to achieve this goal, such as developing a skilled workforce, creating an innovation-friendly environment, and improving its infrastructure. The report also highlights the importance of creating an enabling environment for businesses, entrepreneurs, and investors to be able to thrive in India. 

There are various recommendations provided by the report on how to strengthen the Indian economy and make it more competitive in the global marketplace as follows-

1. Developing a strong and globally competitive manufacturing sector: 

To make India more competitive in the global marketplace, the report recommends investing in modern technology, creating an efficient regulatory and legal framework, and investing in research and innovation. 

2. Strengthening the financial sector: 

The report recommends improving the efficiency of the financial sector by introducing innovative products and services, increasing access to financial services, and strengthening the capital markets.

3. Investing in infrastructure: 

The report recommends investing in roads, railways, ports, airports, and other infrastructure to support economic growth and improve productivity. 

4. Improving the ease of doing business: 

The report recommends simplifying the regulatory environment, streamlining procedures, and incentivizing foreign investments. 

5. Enhancing the skills of the workforce: 

The report recommends investing in education and training to develop the skills of the workforce and to create an environment of lifelong learning. 

6. Enhancing the digital economy: 

The report recommends investing in digital infrastructure, creating an enabling regulatory environment, and promoting the use of digital technologies to increase efficiency and productivity. 

7. Strengthening the agricultural sector: 

The report recommends investing in agricultural infrastructure, improving access to markets, and increasing the use of technology to increase productivity.

8. Reaping the demographic dividend:

The report recommends investing in human capital through education and health, expanding skill development initiatives, increasing women's participation in the workforce, and reforming labour laws to help India tap into its demographic dividend.

This report paints a picture of a bright and prosperous future for India, one that is powered by high-tech growth and innovation, and one that is sustainable and inclusive. It highlights the opportunities and challenges that India faces in the next century and sets out a roadmap for achieving its ambitious growth targets. The report provides a comprehensive overview of the socio-economic and technological landscape in India and suggests strategies to drive economic growth and build a stronger, more equitable, and inclusive society.