India will continue to occupy the top spot among the world's fastest-growing large economies in the next two decades, global accounting behemoth Ernest & Young (EY) said in a report published on Wednesday.
EY further stated that India's economy is poised to touch the $26 trillion mark in 2047, when the country marks 100 years of its independence from the British Raj.
EY further stated that India's economy is poised to touch the $26 trillion mark in 2047, when the country marks 100 years of its independence from the British Raj.
"India is likely to cross the critical thresholds of US$5, US$10 and US$20 trillion in market exchange rate terms in FY2028, FY2036 and FY2045 respectively," the report stressed.
Presently, India's Gross Domestic Product (GDP) is valued at $4.18 trillion, making it the fourth-largest economy on the planet, ahead of Japan, the government said in a statement earlier this week.
Moreover, the EY report forecast that the South Asian nation's per capita income would surpass $15,000 by 2047, witnessing a nearly six-fold rise from current levels of $2,500, putting India at par with developed economies.
It is worth mentioning that the federal government is publicly targeting 2047 by which time India will be transformed into a developed country.
Moreover, the EY report forecast that the South Asian nation's per capita income would surpass $15,000 by 2047, witnessing a nearly six-fold rise from current levels of $2,500, putting India at par with developed economies.
It is worth mentioning that the federal government is publicly targeting 2047 by which time India will be transformed into a developed country.