New Delhi: India’s goal to emerge as Country developed for 2047 It is a “realizable ambition,” he said Arvind PanagariyaPresident of the 16th Finance Commissionwhile stressing that the country Per capita income It would have to grow at 7.3% in terms of dollars to achieve the threshold of $ 14,000 in the next 24 years.
“Certainly if we do the right things in the coming years, our prospects of reaching the Viksit Bharat Prime Minister’s ambition is a very realizable dream and a realizable ambition, “he said on Saturday in his direction on the 49th day of civil accounts.
He said that the country’s per capita income, in terms of 2023-24, is approximately $ 2,570, which is very low compared to countries such as South Korea, Taiwan, China, the United States and other European nations. “What that means is that India has the advantage that it is feasible even with existing technology, the accumulation of reasonable capital and the acquisition of skills to boost per capita income. India due to its current current per capita income has a huge space to achieve and that scope gives it the opportunity to grow significantly faster,” said Panagariya.
The professor of the University of Columbia said that India has gradually improved his governance system and many economic reforms that had to be done have been made. He said that more reforms must be made and that they will happen and this will allow India to maintain high growth rates.
“Today, our per capita income in dollars is approximately $ 2,500. To reach $ 14,000 in 24 years or by 2047-48, what growth rate do I need for per capita income?
Panagariya, who served as the first president of the Government Expert Group, Niti Aayog, cited United Nations Data which has estimated that the population in the country would grow 0.6% by 2050. He said that this would mean that to achieve a 7.3% growth in per capita income, the GDP of India will have to grow at 7.9% over the next 24 years.
“Our growth rate (in terms of real dollars) during the last 21 years was 7.8% … obtaining 7.8% (GDP growth) at 7.9% is completely feasible. Our Viksit Bharat perspective is a realizable ambition,” he said.