Indian Economy will be $34.7 Trn by 2047 with a per capita be $21K : PHDCCI

NEW DELHI : Indian Economy will attain the size of $34.7 trillion by 2047, with per capita income of $21,000, a report by PHD Chamber of Commerce and Industry (PHDCCI) on ‘Viksit Bharat @2047’ said on Wednesday. The report projected that the share of agriculture in total gross domestic product (GDP) would come down to 12 per cent in FY47 from 20 per cent during the previous year, while the share of industry would rise from 26 per cent to 34 per cent during the same period. 

The share of the manufacturing sector is projected to grow from 16-25 per cent between FY23 and FY47. However, services contribution to total GDP is expected to remain the same, at 54 per cent in FY47.

“Going by the growth paradigms and support of the economy, various facilitations, and measures taken by the government, India will be $7 trillion economy by 2030 and $34.7 trillion by 2047, “ said S P Sharma, Chief Economist, PHDCCI.  The PHDCCI has said that life expectancy at birth will grow to 74 years by 2030 and 84 to 2047. The life expectancy has increased from 63 years in the year 2000 to 67 years in 2021.  However,the report projected that availability of hospital beds will be six per 1,000 people by 2030 and 12 per thousand people by 2047. The availability of hospital beds was one per thousand people in 2023.

The internet use in India is expected to reach 82 per cent by 2047 from 42 percent in 2024, the report noted.

 The report added that India’s exports will reach $10 trillion by 2047 and the contribution of exports to GDP would rise to 30 per cent by 2047 from 21 per cent in the previous year.

 “The future holds a promising outlook for India’s export trajectory as the government is proactively implementing reforms, increasing Ease of Doing Business, strengthening supply chains and becoming increasingly supportive of free trade while the rest of the world is heading toward protectionism,” said the PHDCCI report.

India has recently concluded free trade agreements with the European Union Free Trade Association, following those with Australia and the UAE.

“Measures undertaken by the Government, such as the launch of the National Single-Window system and enhancement in the FDI ceiling through the automatic route, have played a significant role in facilitating investment,” the report said. 

The steady share of the services sector in India’s GDP by 2047 at 54 per cent, the report said, reflects its growing importance in the economy, driven by structural shifts, changing consumer preferences, technological advancements, and supportive government policies.