India has been heading for its economic boom by leaps and bounds. Analysts at India Ratings and Research have come up with an optimistic forecast for the rapidly developing Asian economy. They predict that India will join the ranks of nations with income above average by 2033/2036.
The future looks bright for India as its national economic output could expand to $15 trillion annually by 2043/2047.
Economic conditions were not always healthy in this emerging market. Before 2006, the World Bank labelled India as a low-income nation. In 2007, the economy reached a tipping point and India passed into the category of countries with income below average. In 2022, gross domestic product was measured at $2,390 per capita. Amid such robust economic performance, the odds are that GDP will range from $4,466 to $13,845 per capita in the not-too-distant future.
Senior economist at India Ratings and Research Sunil Kumar Sinha makes his forecasts with cautious optimism. The analytical think tank paints a rosy picture of India’s economy where gross domestic product will stand at $5 trillion and income will rise to $3,500 per capita by 2030. To notch such stunning metrics, GDP is expected to increase to 6.25% on year.
According to the best-case scenario, India could be assigned to high-income nations in 2043/2047. Nevertheless, foreign analysts take such forecasts with a pinch of salt. Indeed, ambitious plans frequently defy expectations as black swans might pop up from nowhere.
