India has the potential to grow into a $55 trillion economy by 2047 provided both state and central governments are attentive in enacting policies that increase the country’s growth rate from its historical average of 7% to 8% (in rupee terms).
GDP is predicted to double every six years, based on a 12% annual growth rate for the dollar, which includes 8% GDP growth, 5% inflation, and a 1%-rupee depreciation. By implementing this technique over a 24-year period beginning in 2023.
Using Japan as a baseline, it is noted that their economy grew from $215 billion in 1970 to $5.1 trillion in 1995, representing a nearly 25-fold rise in 25 years. During this time, GDP per capita increased from $2,100 to $44,000. The necessity of wisely using government borrowings, stating that investments should be focused on generating assets rather than simply supporting subsidies or operational expenses.