$10-trillion economy: Finance Commission chief Arvind Panagariya says India on track to achieve goal

The Chairman of the 16th Finance Committee Arvained Panagaria outlined an ambitious but reliable vision of India, emphasizing the strong economic trajectory of the nation and the potential for long-term growth. He noted that India’s goal of becoming a developed people in 2047 is available based on a sustainable economic performance of several decades.

Over the past 21 years, Data Analysis, Panagaria noted that India has provided average growth rate in the current dollar, even as 2008. Global financial deep. This impressive performance, despite adversity, is a solid foundation for future ambitions, he said in the 49th celebration of Civil Accounts Day.

Panagaria said that if the current growth rates are maintained, India may reach $ 10 trillion in the next decade. This forecast is the key to the “Vicsite Bhharar” vision, which seeks to stir sharply for a per capita income. With about $ 2,570 per capita, it is planned to increase its annual growth by 7.3% a year to $ 2047 per year.

Navigating short-term fluctuations, Panagaria noted that recent assessments for the early quarter of FY25 have been modest compared to previous numbers, significant recovery in the third quarter should not be a long-term prospect of a fruitless economy. He noted a natural human trend to focus on negative news, even when the general prospect remains positive.

Putting on this data from 2003-04 to a period of time, the period when India’s high growth trajectory substantiated a solid root. The GDP figures turned into permanent and current dollars, he conceived that the current dollar growth was 10.1% a year, which is adjusted for inflation using the US GDP deflator. In addition, the modest annual valuation of Rupees (more than 1%) helps to explain the difference between rupees and the difference between real-dollar growth.

Several columns taken by this optimistic prediction. Stable democracy and effective management ensure a secure political background. Low income per capita offers significant violent potential. A large, young population gives a demographic dividend. And ongoing economic and management reforms are gradually transforming India to a more competitive, market-oriented economy.

Summing up, the message of Panagariya is clear. Although short-term data can range, the broader, long-term prospects confirm that India is well positioned to maintain its high growth rates. During the next decade, the growth rate of 10.1% can be realistic on the verge of 10 trillion dollars, and the “Vicsite Bazar” goal is 7.3% per capita. His stable institutions, its sustainable potential, demographic advantages and continuous reforms and continuous reforms, India equate the status of a developed nation by 2047.