India’s economy will grow 5.25 times by 2047:Report claims per capita income will rise from ₹2.5 lakh to ₹13.5 lakh over the next 21 years

India has the strength of a young population, digital power, a robust startup ecosystem, manufacturing, and green energy. Based on this, the country’s economy could reach 26 trillion dollars (2,314 lakh crore rupees) by the year 2047, i.e., in the next 21 years, from its current size of about 4.18 trillion dollars (376 lakh crore rupees). These points have been stated in a report by the rating agency Ernst Young (EY). According to the report, with this growth, India’s per capita income will also increase from 2.5 lakh rupees to 13.5 lakh rupees. EY believes that India is rapidly moving towards becoming the world’s third-largest economy after the US and China. Also Read | India overtakes Japan as 4th-largest economy 7 major factors that are boosting hope 1. Large Working Population: By 2030, 68.9% of India’s population will be of working age (15-64 years). At that time, 1.04 billion, or about 100 crore people, will be working in the country. 24-25% of the new workers joining the global workforce in the next decade will be from here. The average age is 28.4 years. 2. Strong Startup System: India has 107 unicorns. These grew by 66% annually in 4 years. Their total value reached Rs 7.37 lakh crore. Investors earned a profit of approximately Rs 3.82 lakh crore. India’s startup ecosystem continues to have good prospects. 3. Opportunities in Manufacturing: Under the PLI scheme, investment proposals worth Rs 2.5 lakh crore were received in 14 sectors. This could create new jobs in manufacturing for 43% of the people currently engaged in the agricultural sector. This will also increase investment in infrastructure. 4. Working Women Will Also Increase: About 49% of students in India’s higher education are female. This clearly means that women’s participation in India’s workforce is going to increase significantly in the coming years. In such a scenario, long-term possibilities for increasing productivity for the country are visible. 5. Rapid Growth in Digital Payments: Over 350 banks are connected to the UPI network. It has more than 260 million unique users. India’s digital economy grew at a rate of 15.6% between 2014-2019, which was 2.4 times faster than the country’s overall economic growth. 6. Scope for More Debt: According to the World Bank, the total credit extended to private companies and businesses in India in 2020 was only 55% of the country’s GDP. This is significantly lower than the global average of 148%. This means that companies are still capable of taking on more debt. 7. Clean Energy and Sustainable Development: India has set a net-zero target by the year 2070. This means that after this, India will end its dependence on fossil fuels like petrol and diesel. This is a big opportunity. Also Read | ‘India now world’s fastest-growing economy’: PM Modi For this goal, the government must reduce the current carbon intensity of its GDP by 45% by 2030. The government is emphasizing the development of green infrastructure. There is $14.5 billion in support from the center for the EV ecosystem alone. By 2030, a total of 100 million people could shift to EVs.