₹2 lakh to 15 lakh: India's per capita income to grow massively by FY47, predicts SBI Research Report
₹2 lakh ($2500) in FY23 to ₹14.9 lakh ($12,400) in FY47, according to the SBI's latest research report. Prime Minister Narendra Modi while addressing the country during the 77th Independence Day celebrations at the Red Fort said that India will be a developed country by 2047. "In 2047, when the country will be celebrating 100 years of Independence, India will be a developed country", the Prime Minister noted during his speech from the Red Fort.
PM Modi said he is making this statement while looking at the capabilities of the country, its available resources, and most of all based on the power of youth. He added that the next five years are a ‘golden opportunity’ for realizing the dream of becoming a developed nation by 2047. SBI Research said the Indian population is expected to increase to 1610 million in FY47 from 1400 million in FY23.
As a result, the workforce with a taxable base is expected to increase to 565 million in FY47 from 313 million in FY23, increasing its share from 59.1% in FY23 to 78% in FY47 Income-tax filers are expected to increase from 70 million in FY23 to 482 million in FY47, increasing its share in the workforce with a taxable base from 22.4% in FY23 to 85.3% in FY47. Soumya Kanti Ghosh, the Group Chief Economic Advisor at State Bank of India (SBI), on Tuesday, reiterated that India is likely to become the third largest economy by 2027. Indian economy is currently ranked fifth and is behind the US, China, Japan, and Germany.
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