Will India Become A $55 Trillion Economy By 2047? The Speed Will Double Every 6 Years, Who Claimed This?

IMF raises concerns about Indian economy

India is currently the fifth largest economy in the world and is expected to reach the third position soon. At the same time, Prime Minister Narendra Modi has set a goal of making India a developed country by 2047. Meanwhile, the managing director of the International Monetary Fund, Krishnamurthy Subramanian, has made some big claims about the Indian economy. The IMF managing director claims that the Indian economy can reach $55 trillion by 2047. But for that, India will have to grow at a growth rate of 12% in dollar terms.

Subramanian said these things at a programme in Kolkata. He said that setting an inflation target since 2016 has helped in bringing down the inflation rate in the country to an average of 5%. Before 2016, the average inflation rate was 7.5 per cent. If the real growth rate remains at eight per cent and inflation remains at five per cent, then the growth rate at market prices is expected to be 13 per cent.

The economy will double every 6 years

Subramanian, who was the chief economic adviser to the central government from 2018 to 2021, said that India’s real growth rate in dollar terms will be 12 per cent. In such a situation, the size of the economy will double every six years. The current size of India’s economy is $3.8 trillion. He said it is possible for India to achieve growth at a rate of eight per cent. Currently, India is the fifth-largest economy in the world and is expected to reach the third position soon. Currently, the US is ranked first, China second, Germany third and Japan fourth.

India on track to become third largest economy

Prime Minister Narendra Modi has repeatedly claimed that in his third term, India will become the third-largest economy in the world. The performance of the Japanese economy in the second quarter was better than expected, while Europe’s largest economy has not yet emerged from the slowdown. India is the fastest-growing large economy in the world. In such a situation, it is believed that India will soon be able to leave Japan and Germany behind. According to Forbes, the size of the US economy is currently $28.783 trillion. China’s economy is $18.536 trillion, Germany’s is $4.590 trillion, and Japan’s is $4.112 trillion. The size of India’s economy is $3.942 trillion.