Indian economy projected to grow at 8-8.3% in FY25: PHDCCI

The country's gross domestic product (GDP) will grow at an average of 6.7 per cent over the next 23 years to lead to a $34.7-trillion economy by 2047, with a per capita income of $21,000, it said.

India's economy has robust growth fundamentals, PHDCCI chief economist SP Sharma told a recent press conference.

"Gradually after 2035, the growth rate will start decelerating from the peak, and on an average, our growth rate, the real GDP, will be 6.7 per cent overall in the next 23 years," Sharma noted.

In a report, the industry chamber has suggested 10 key enablers for the country to become a developed economy by 2047.

It has recommended reducing the cost of doing business; capacity building for exports; enhancing the global scalability of promising sectors like fintech, information technology, automobile and renewable energy; bolstering renewable energy to enhance its installed capacity to 1,500 GW by 2047; and continued handholding to the start-up ecosystem to become the second largest in the world by 2030.

It has also suggested reform measures for the agriculture sector and a greater push to digital transformation to be counted among the top five nations in the government artificial intelligence readiness index by 2047.

Fibre2Fashion News Desk (DS)