7 pc continuous growth can make India prosperous and wealthy by 2047: Report

NEW DELHI: 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.