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Ernst & Young predicts the Indian economy to reach USD 26 trillion by 2047

Published on January 20, 2023
Current Context: India's economy will reach USD 26 trillion by 2047, according to projections made by consultancy firm EY (Ernst & Young) in their report, "India@100: Realizing the Potential of a $26 trillion Economy."
Ernst & Young predicts the Indian economy to reach USD 26 trillion by 2047
  • India will celebrate 100 years of freedom in 2047. With a per capita income forecast to reach USD 15,000, India will join the rich economies.
  • Union Minister Ashwini Vaishnaw, from the Ministries of Electronics and Information Technology and Railways, introduced the report on the sidelines of the World Economic Forum (WEF) that was taking place in Davos, Switzerland.
  • It suggests ensuring macroeconomic resilience and stability and continuing to push changes.
  • According to the most favoured scenario, India is anticipated to surpass the important thresholds of USD 5 trillion, USD 10 trillion, and USD 20 trillion in FY28, FY36, and FY45, respectively.
  • EY has identified important growth enablers that will have an influence on many industries in India and be vital in igniting the country's economic engine. These are listed below:
  1. World’s Information Technology and Services Hub
  2. Digitalisation: A Force Multiplier
  3. Reaping the demographic dividend
  4. Making domestic manufacturing competitive
  5. Building the infrastructure of the future
  6. Transition to sustainable energy
  7. Policy recommendations

Question:

Q.1 Who released the report, "India@100: Realizing the Potential of a $26 trillion Economy?
a. IMF
b. SBI
c. World economic forum
d. Ernst & Young

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