By 2047, as India celebrates 100 years of independence, Finance Minister Nirmala Sitharaman envisions a new era for the nation, marked by a living standard on par with developed countries. Addressing the 3rd edition of the Kautiliya Economic Conclave, Sitharaman emphasized that India is set to witness a steep rise in the standard of living, driven by the structural reforms undertaken by the government over the last decade.
Sitharaman projected that India’s per capita income will nearly double within the next five years, a remarkable shift that reflects the country’s rapid economic growth. She highlighted India’s leap from being the 10th largest economy to the 5th in just five years, underscoring the nation’s strong economic performance in the recent decade.
“While it took 75 years for us to reach a per capita income of USD 2,730, IMF projections suggest it will take only five years to add another USD 2,000. The upcoming decades will witness the steepest rise in the living standards for the common man, making it a truly transformative era to live in India,” she said.
The Finance Minister also noted that India’s goal of doubling per capita income is particularly ambitious given the country’s vast population of 1.4 billion, which accounts for 18% of the global total. This comes amid a fractured global landscape with ongoing conflicts that threaten global peace, a key foundation for prosperity.
Sitharaman’s vision for India’s future underscores the government’s commitment to continued economic reforms and growth, positioning India for a significant uplift in the quality of life for its citizens in the decades ahead.
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