Page 23 - Shelter, October 2024

THEME PAPER

Trillion and USD 40 Trillion in
2047 under different growth
scenarios by 2047 (Figure
2). In order to achieve these
levels of economy size by
2047, India’s GDP requires to
grow in the range of 10%-12%
annually.
With this anticipated growth
level by 2047, India is set
to witness higher income
growth for all segments of
the population. Furthermore,
a high per capita income in
the future, indicates increased
accessibility to essential
facilities, promising a better
standard of living for the
Indian population. Factors
such as dynamic shift in
the country’s demographic
Figure 1: GDP Estimates of Indian Economy (in USD Trillion) landscape from an agrarian
Source: PHDCCI (2024) and predominantly rural
society in 1947 to an
urban-centric economy
Range of India’s Economic Size in 2047
with a relatively younger
population; increasing
pace of urbanisation
improving business and
investment sentiments;
government policy push
towards generating high
value manufacturing and
infrastructure sector etc. will
support India’s economic
expansion. Sustained high
growth rates will position
India as one of the largest
economies globally, enhancing
its geopolitical influence. A
larger economy will provide
more resources for social
welfare, infrastructure, and
Figure 2: Range of GDP projections of Indian Economy (in USD Trillion) public services as well as
Source: NAREDCO-Knight Frank Research (2023) lead to more job creation and

October, 2024, Volume 25. No.1 - SHELTER 21