New Delhi: Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy on Monday said that some states in India are already in the high-income category in purchasing power parity (PPP) terms, and the country is likely to move to the upper middle-income country by 2047.
Debroy further said any presumption that the Indian economic growth rate will be driven only by exports may be misleading because there are plenty of endogenous sources of growth. (Also Read: SBI FD vs Post Office Fixed Deposits: Which One Should You Choose?)
“In 2047, India will probably move to the upper middle-income category…Some states in India, at least in PPP terms, are already in the high-income category,” he said at an event here. (Also Read: SBI ATM Cash Withdrawal Limit 2023: Check How Much Money You Can Withdraw Daily)
According to the World Bank’s definition, a country with a per capita annual income of over USD 12,000 is considered as a higher-income nation. India, which is the world’s fifth-largest economy, is currently classified as a developing nation.
Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047.
A developed country is typically characterized by a relatively high level of economic growth, a general standard of living, and higher per capita income as well as performing well on the Human Development Index (HDI) that includes education, literacy, and health.