India will complete 100 years of independence in the year 2047. Recently, many fantastic estimates have come out about India's economy, in which it has been said that by 2047, India's economy will become many times bigger. Estimates believe that when India completes 100 years of independence, the country's economy will not only be included in the top-3, but some estimates also express confidence that India will surpass China and America.
Fear even after 6% annual growth
Now former Reserve Bank Governor and renowned economist Raghuram Rajan has also given his opinion on what the economic condition of India will be like in 2047. Is going to. Raghuram Rajan fears that India may remain poor in 2047. He said that if India's economic growth rate remains at 6 percent per annum, then even if the population does not increase till 2047, India will remain a lower middle income country.
Old age before prosperity. Danger
Rajan was participating in a program on Saturday. He said that India is facing the danger that it may grow old before becoming rich. According to Rajan, India's demographic dividend will end by 2047. In such a situation, the country will grow old before becoming rich and then there will be pressure on the economy to take care of the aging population.
What is Demographic Dividend
Demographic Dividend means that India is currently facing population loss. It is about the benefits received from the situation. Even though India has become the most populous country in the world, yet the huge population is proving to be economically beneficial rather than a problem for the country. The reason for this is that a large part of the population is young. India is currently the country with the largest number of youth. Due to this, India is getting the benefit of excellent working force. As the average age of the population increases, this demographic dividend reduces.
Here is Rajan's calculation
Rajan also shared the calculation regarding his apprehension. He said that with 6 percent economic growth, per capita income doubles every 12 years. In such a situation, per capita income in the next 24 years will be 4 times what it is now. Currently India's per capita income is slightly less than $2,500. In such a situation, India's per capita income will remain less than 10 thousand dollars by 2047. That means we will remain a lower middle income country.
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