What should India do to become a wealthy nation by 2047?
10 months, 3 weeks ago

What should India do to become a wealthy nation by 2047?

The Hindu  

In the first session of The Hindu Lit Fest 2024, N. Ravi, Chairman of Kasturi and Sons Limited; Jayati Ghosh, Professor of Economics at the University of Massachusetts Amherst; Montek Singh Ahluwalia, former Deputy Chairman of the Planning Commission; Sanjay Kaul, development policy analyst and former IAS officer; and T.N. Along with inclusive growth, you also need the development of public goods, which has to be provided by a caring government, and not the market.” Mr. Ahluwalia said achieving a growth rate of 8.5% consistently is not going to be an easy task for India given challenges such as changing geopolitics, rapid technological changes, and Centre-State relations. The third aspect is crucial, he said, as “70% of the quality of government is going to be determined at the State level.” Mr. Ninan said that India’s growth rate could be analysed in comparison with the high growth rates achieved within a short duration by countries in south Asia and the medium growth rates achieved over a longer period in the West. “In the last 24 years, India’s per capita income went up less than three-fold, while China’s went up 5.3 times,” he said. Dignified life Professor Ghosh defined a wealthy nation as one which “provides everyone with basic needs and the possibility of a decent and dignified life.” This, she argued, can happen at different levels of per capita income, so per capita income may not be the best measurement of a wealthy nation.

India Growth Rate Ghosh Capita Capita Income Wealthy Nation  rate  income  india  quality  2047  wealthy  nation  rates  growth  session  policy  capita

History of this topic

‘India must impose more taxes on super-rich’: Economist Thomas Piketty as top 1% hold over 40% of nation’s wealth
1 week, 2 days ago

‘India must impose more taxes on super-rich’: Economist Thomas Piketty as top 1% hold over 40% of nation’s wealth

Live Mint  

NEW DELHI - India should do more to tax its super-rich given its high levels of inequality, French economist and author Thomas Piketty said on Friday. "India should be active in taxing the rich," Piketty said at an event organised by Delhi-based think tank Research and Information System for Developing Countries and the Delhi School of Economics. He said India …

India's inclusive growth applauded by International community: IMF Executive Director Subramanian
2 weeks, 2 days ago

India's inclusive growth applauded by International community: IMF Executive Director Subramanian

The Hindu  

The world is bullish on India, the country's top economist, currently Executive Director of the International Monetary Fund has said, noting that India’s public digital infrastructure and inclusive growth is not only being talked about but also applauded by the International community. Apart from that, the kind of inclusive growth that India has pursued over the last decade is also …

India to contribute 20 pc of global workforce growth between 2023-50, China share to decline: Report
1 month ago

India to contribute 20 pc of global workforce growth between 2023-50, China share to decline: Report

New Indian Express  

NEW DELHI: India is set to play a pivotal role in global workforce growth, contributing 20 per cent of it between 2023 and 2050, according to a report by Angel One Wealth. It said, "By 2030 high-income households are expected to triple, while middle-income households will nearly double making India the fastest-growing nation in terms of per capita income". The …

The Indian economy is yet to fully escape the state’s shackles
1 month ago

The Indian economy is yet to fully escape the state’s shackles

Live Mint  

Indian citizens are hesitatingly capitalist. For capitalism to work for a large majority of people, you need institutions to encode and enforce the rules, and prosperity to fund the welfare payments required to uplift specific disadvantaged segments of the population. This column, the sixth in the series on the ‘quantity to quality’ reforms required for India to achieve upper-income status, …

India's population projected to reach 1.53 billion by 2100: How can it leverage this growth?
1 month ago

India's population projected to reach 1.53 billion by 2100: How can it leverage this growth?

New Indian Express  

India, which became the most populous country in the world in 2023, surpassing China, is projected to have a total population of 1.53 billion by 2100, according to estimates from the United Nations. The UN's population growth estimate projects the total world population to reach 10.4 billion by 2100, based on factors such as fertility rates, increasing life expectancy, and …

Review of Krishnamurthy Subramanian’s India@100 — Envisioning Tomorrow’s Economic Powerhouse: Dreams, with a catch
3 months, 3 weeks ago

Review of Krishnamurthy Subramanian’s India@100 — Envisioning Tomorrow’s Economic Powerhouse: Dreams, with a catch

The Hindu  

Goldman Sachs expects India’s economy to grow to $50 trillion by 2075, that is, in a little over 50 years from now. But former chief economic adviser to the Narendra Modi government, Krishnamurthy Subramanian, in a new book, India@100: Envisioning Tomorrow’s Economic Powerhouse, believes that India has the potential to do far better and that it could possibly become even …

‘Further reforms needed for India to reach developed country status by 2047’
4 months, 3 weeks ago

‘Further reforms needed for India to reach developed country status by 2047’

The Hindu  

Member of Fourteenth Finance Commission M. Govinda Rao has said that to achieve the status of a developed country by 2047, India has to increase its per capita income from the current $2,600 to $14,205. Delivering the Dr. D.C. Pavate Foundation Memorial Lecture at Karnatak University in Dharwad on Friday, Prof. Rao said that to achieve this goal, the country …

NITI Aayog Envisions India as $30 Trillion Economy by 2047
4 months, 3 weeks ago

NITI Aayog Envisions India as $30 Trillion Economy by 2047

Deccan Chronicle  

New Delhi: India's policy think-tank NITI Aayog said that the country needs to strive to be a $30 trillion economy — almost nine times from today's $3.36 trillion, with a per capita income of $18,000 per annum by 2047, according to its approach paper for vision for Vikshit Bharat in 2047. “The gross domestic product or GDP would have to …

Concern over ‘unscientific projection’ of GDP rate as nation’s prime growth indicator
4 months, 3 weeks ago

Concern over ‘unscientific projection’ of GDP rate as nation’s prime growth indicator

The Hindu  

A talk on ‘Tall claims and bleak realities - features of the contemporary Indian economy’ by Kerala State Planning Board member R. Ramkumar on July 26 expressed concern over the unscientific projection of gross domestic product rates as the nation’s prime growth indicator when the per capita Income was continuing at a very low rate. Presenting his view points at …

Make the poor richer without making the rich poorer
7 months, 2 weeks ago

Make the poor richer without making the rich poorer

The Hindu  

Since the Congress party released its election manifesto on April 5, the word ‘redistribution’ has dominated the election discourse. Prime Minister Narendra Modi alleges that the Congress’ manifesto promises to ‘redistribute’ wealth by taking away people’s gold, mangalsutras, imposing new taxes and giving it to poor minorities. ‘Fix the system’ The idea of a wealth tax to extract from the …

Mint Primer | Redistribution: Can it benefit India’s poor?
7 months, 3 weeks ago

Mint Primer | Redistribution: Can it benefit India’s poor?

Live Mint  

Theoretically, redistribution of wealth is a good way to bring down economic inequality. Bharatiya Janata Party has portrayed this idea as an attempt by the Congress Party to grab people’s wealth and redistribute it, especially to minorities. According to a study published by The World Inequality Lab, richest 1% of Indians now own as much as 40% of the country’s …

Towards a less poor and more equal country
7 months, 4 weeks ago

Towards a less poor and more equal country

The Hindu  

In March, World Inequality Lab, a global research centre focused on inequality and public policies, published a working paper titled, ‘Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj’. It states that “the ‘Billionaire Raj’ headed by India’s modern bourgeoisie is now more unequal than the British Raj headed by the colonialist forces.” Inequality undermines both …

Patralekha Chatterjee | Why isn’t rising inequality turning into a poll issue?
8 months, 3 weeks ago

Patralekha Chatterjee | Why isn’t rising inequality turning into a poll issue?

Deccan Chronicle  

The view from the penthouse and the pavement is staggeringly different. By 2022-23, the top one per cent income and wealth shares are at their highest historical levels; India’s top one per cent income share is among the very highest in the world, higher than even South Africa, Brazil, and the United States, notes the paper, titled “Income and Wealth …

Inequality report renews question on growth model
9 months ago

Inequality report renews question on growth model

New Indian Express  

India’s income and wealth inequality has touched historic peaks, making it one of the world’s most unequal countries, according to the World Inequality Lab’s new working paper. Authored by renowned economists including Nobel laureate Thomas Piketty, the report estimates the richest citizens, or the top 1 percent, own 40.1 percent of the country’s wealth and 22.6 percent of the total …

Mint Primer | Mind the income gap: Is India becoming a plutocracy?
9 months ago

Mint Primer | Mind the income gap: Is India becoming a plutocracy?

Live Mint  

Income and wealth inequality in India are at a historical peak with the share of the richest 1% higher than in countries like China and Brazil, finds a new study by the World Inequality Lab. Inequality in India declined post-independence till early-1980s, after which it began rising and skyrocketed beginning 2000s, shows the report titled ‘Income and Wealth Inequality in …

Inequality worsening in India with share of top 1% in total income at new high, says new paper co-authored by Piketty
9 months ago

Inequality worsening in India with share of top 1% in total income at new high, says new paper co-authored by Piketty

Hindustan Times  

The share of the top 1% of Indians in total income and wealth is expected to have reached its highest ever level in 2022-23, according to a working paper published by the World Inequality Lab at the Paris School of Economics. The working paper by four economics researchers – Nitin Kumar Bharti, Lucas Chancel, Thomas Piketty, and Anmol Somanchi – …

A cap on capitalism: Is it time for India to debate one?
9 months ago

A cap on capitalism: Is it time for India to debate one?

Live Mint  

Growing income disparity in an economy like India, with over 800 million people deemed in need of free food from the government, does not augur well for its developmental ambitions. An income cap could possibly curb excessive wealth accumulation among the ultra-rich and address extreme income disparity. Any drastic measure like the 2016 demonetization to cap income or wealth could …

Book Review | India almost middle-income, yet needs to become ‘thinking nation’
11 months ago

Book Review | India almost middle-income, yet needs to become ‘thinking nation’

Deccan Chronicle  

India might have become the fifth largest economy in the world and is perhaps on its way to becoming the third largest. Therefore, the gains from labour arbitrage will not pay for other deficiencies.” The authors explain why countries like Vietnam have a distinct advantage over India. In fact, the share of global value chain-related manufacturing output for India rose …

Rich India: Will India become a wealthy nation by 2047?
11 months, 1 week ago

Rich India: Will India become a wealthy nation by 2047?

The Hindu  

Rich India: Will India become a wealthy nation by 2047? She has served as a member of several international boards and commissions, including the UN High-Level Advisory Board on Economic and Social Affairs, the WHO Council on the Economics of Health for All, and the UN Secretary General’s High-Level Advisory Board on Effective Multilateralism. She is the recipient of several …

Naysayers Have It Wrong, Incomes in India Are Rising
1 year ago

Naysayers Have It Wrong, Incomes in India Are Rising

News 18  

The state of income in India has suddenly become a topic of raging discussion after former RBI Governor Raghuram Rajan and economist Rohit Lamba suggested that the country cannot escape the lower-middle income trap by 2047. India’s gross direct tax collections in the ongoing financial year, until November 9, have increased almost 18 per cent to Rs 12.37 lakh crore. …

India Needs to Address Issues Like Malnutrition to Become Developed Country: Rajan
1 year ago

India Needs to Address Issues Like Malnutrition to Become Developed Country: Rajan

Deccan Chronicle  

Hyderabad: India needs to address problems like malnutrition to become a developed nation and also focus on its most important asset of human capital, former RBI governor Raghuram Rajan said on Sunday. Speaking at an interactive session on a book co-authored by him at the Indian School of Business, he asked how the country could become a developed one when …

A $5 trillion economy, but for whom?
1 year ago

A $5 trillion economy, but for whom?

The Hindu  

Last week, at an election rally in Chhattisgarh, Prime Minister Narendra Modi announced that he is extending the Pradhan Mantri Garib Kalyan Ann Yojna, a scheme providing 5 kg of foodgrains free every month to beneficiaries of the National Food Security Act, by five years because he does not want any citizen to sleep hungry. This is the year the …

India among top countries with high income, wealth inequality: UNDP report
1 year, 1 month ago

India among top countries with high income, wealth inequality: UNDP report

Live Mint  

India has emerged among top countries with high income and wealth inequality but the share of the population living in multidimensional poverty fell from 25 to 15 per cent between 2015-16 and 2019-21, the UNDP said in a new report. Despite these successes, poverty remains persistently concentrated in states that are home to 45 per cent of the country's population …

India Needs To Increase Per Capita Income, Says RBI’s Former Governor Rangarajan
1 year, 3 months ago

India Needs To Increase Per Capita Income, Says RBI’s Former Governor Rangarajan

ABP News  

Indian economy needs to grow fast to enhance the per capita income of the country, said the Reserve Bank of India’s former governor C Rangarajan on Saturday. Addressing the 13th convocation of the ICFAI Foundation for Higher Education, Rangarajan lauded India for becoming the fifth largest economy in the world but said this is not enough and work needs to …

India's Per Capita Income Doubles Since 2014-15
1 year, 9 months ago

India's Per Capita Income Doubles Since 2014-15

News 18  

India’s per capita income in nominal terms doubled to Rs 1,72,000 since 2014-15 when the Narendra Modi-led NDA came to power but uneven income distribution remains a challenge. “You are looking at GDP in current prices, but if you account for inflation, the increase is much less,” said noted development economist Jayati Ghosh on doubling of per capita income in …

India's per capita income doubled since 2014-15, but uneven income distribution remains a challenge
1 year, 9 months ago

India's per capita income doubled since 2014-15, but uneven income distribution remains a challenge

India Today  

Despite India's per capita income in nominal terms doubling to Rs 1,72,000 since the Narendra Modi-led NDA came to power in 2014-15, the issue of uneven income distribution remains a persistent challenge, experts were quoted as saying by news agency PTI. However, after adjusting for inflation, the per capita income has risen by approximately 35 per cent from Rs 72,805 …

India must avoid growing into a dystopia
1 year, 10 months ago

India must avoid growing into a dystopia

The Hindu  

The Budget that was presented recently, has received almost universal praise in the English language media. Next, as 2022 drew to a close, the London-based consultancy Centre for Economics and Business Research predicted that by 2035, India’s economy would reach $10 trillion and become the world’s third largest by 2037. A few days ago, a leading Indian financial daily calculated …

Why are India’s poorest people being left behind?
1 year, 10 months ago

Why are India’s poorest people being left behind?

Al Jazeera  

On Tuesday, February 7 at 19:30 GMT: India’s BJP-led government says its final budget before a general election in 2024 will spur economic growth, but opposition politicians are among critics who say it fails to address ever-deepening income and wealth inequality highlighted by anti-poverty groups. But it does not include the re-introduction of a wealth tax on the rich that …

India’s richest 1 per cent own more than 40 per cent of total wealth: Oxfam
1 year, 11 months ago

India’s richest 1 per cent own more than 40 per cent of total wealth: Oxfam

The Hindu  

Published : Jan 16, 2023 15:59 IST The richest one per cent in India now own more than 40 per cent of the country’s total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on January 16. Releasing the India supplement of its annual inequality report on the first …

India\'s richest 1% own more than 40% of total wealth: Oxfam
1 year, 11 months ago

India\'s richest 1% own more than 40% of total wealth: Oxfam

Deccan Chronicle  

Davos: The richest one per cent in India now own more than 40 per cent of the country's total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual …

India's richest 1 per cent own more than 40 per cent of total wealth: Oxfam
1 year, 11 months ago

India's richest 1 per cent own more than 40 per cent of total wealth: Oxfam

Firstpost  

Davos: The richest one per cent in India now own more than 40 per cent of the country’s total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual …

India's richest 1% own more than 40% of total wealth: Oxfam
1 year, 11 months ago

India's richest 1% own more than 40% of total wealth: Oxfam

The Hindu  

The richest 1% in India now own more than 40% of the country's total wealth, while the bottom half of the population together share just 3% of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual Meeting in Davos, rights group Oxfam International …

\'India\'s GDP nearing to $20 trillion, per capital income at $10k by 2047\'
1 year, 11 months ago

\'India\'s GDP nearing to $20 trillion, per capital income at $10k by 2047\'

Deccan Chronicle  

HYDERABAD: India's GDP will be close to USD 20 trillion by 2047 and per capita income may reach USD 10,000, Bibek Debroy, chairman, Economic Advisory Council to the Prime Minister, said on Wednesday. Virtually addressing the inaugural session at the 57th Annual Conference of the Indian Econometric Society held at the University of Hyderabad here, he said though the COVID-19 …

With 8-9% Growth, It Will Take 20 Years for India to Become Developed Nation: RBI's Former Governor
1 year, 11 months ago

With 8-9% Growth, It Will Take 20 Years for India to Become Developed Nation: RBI's Former Governor

News 18  

Noting that the achievement of $5 trillion economy is a short term “aspirational goal,” former RBI Governor C Rangarajan on Saturday said even after that India will still be known as middle income country with per capita income $3472. Rangarajan further said in order to reach the level of an upper middle-income country, it will take another two years and …

Parsa Venkateshwar Rao Jr | Towards a more affluent India: Future not all rosy
2 years, 1 month ago

Parsa Venkateshwar Rao Jr | Towards a more affluent India: Future not all rosy

Deccan Chronicle  

The optimistic projection of the People Research on India’s Consumer Economy is that by 2047 -- when Independent India turns 100 -- the country’s middle class will constitute 63 per cent of the population. The experience of the last 30 years has shown that we are better off with a free market economy despite numerous governmental irritants and the more …

India is a rich country with poor population facing issues like starvation, unemployment: Gadkari
2 years, 2 months ago

India is a rich country with poor population facing issues like starvation, unemployment: Gadkari

The Hindu  

Union Minister Nitin Gadkari on Thursday said even as India has emerged as the world's fifth largest economy and although the country is rich, its population is poor, facing issues like starvation, unemployment, casteism, untouchability and inflation. Our country is rich, but the population is poor facing starvation, unemployment, poverty, inflation, casteism, untouchability and other factors that are not good …

India is a rich country with poor population facing issues like starvation: Gadkari
2 years, 2 months ago

India is a rich country with poor population facing issues like starvation: Gadkari

Deccan Chronicle  

NAGPUR: Union minister Nitin Gadkari on Thursday said even as India has emerged as the world's fifth largest economy and although the country is rich, its population is poor, facing issues like starvation, unemployment, casteism, untouchability and inflation. Our country is rich, but the population is poor facing starvation, unemployment, poverty, inflation, casteism, untouchability and other factors that are not …

Aakar Patel | Can India do what it takes to make a big leap forward?
2 years, 3 months ago

Aakar Patel | Can India do what it takes to make a big leap forward?

Deccan Chronicle  

India has overtaken the United Kingdom to become the world’s fifth largest economy. In the 10 years till 1993, that nation grew its GDP by 15 per cent each year to reach $8,884. The World Bank’s data shows that India’s per capita income in 1960 was $82, while China’s was $89. To grow at 15 per cent per year is …

Number Theory: Fine print of India’s fifth largest economy status
2 years, 3 months ago

Number Theory: Fine print of India’s fifth largest economy status

Hindustan Times  

India has surged past United Kingdom to become the fifth largest economy in the world, IMF said on September 2. A historical look at India’s global GDP ranking A historical look at the IMF’s World Economic Outlook database shows that the Indian economy has made rapid gains in terms of global GDP ranking in the past decade and half. IMF’s …

Indian economy 'can touch USD 20 trillion by 2047'
2 years, 3 months ago

Indian economy 'can touch USD 20 trillion by 2047'

Firstpost  

India, which is the world’s sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing nation New Delhi: Economic Advisory Council to the Prime Minister Chairman Bibek Debroy on Tuesday said Indian economy’s size will touch USD 20 trillion by 2047 provided the annual average growth is 7-7.5 per cent in the next 25 …

Can India break into high-income league by 2047?
2 years, 3 months ago

Can India break into high-income league by 2047?

Live Mint  

NEW DELHI : For many of us, Singapore is a developed nation. The United Nations classifies them as merely “developing", along with 123 other countries, including India, which currently has a GNI per capita of $2,170. In Adani's NDTV bid hangs a cautionary tale Centre mulls cutting tax rates in new income tax regime Why rising interest rates don't make …

Sanjeev Ahluwalia | Can India be a developed nation before it gets rich?
2 years, 4 months ago

Sanjeev Ahluwalia | Can India be a developed nation before it gets rich?

Deccan Chronicle  

Prime Minister Narendra Modi advocated India becoming a developed nation by 2047, as the new national aspiration, on Independence Day this year. Over the next 25 years, we should double our per capita growth momentum over the four per cent per year that we achieved in the period between 2012 and 2021. Sadly, even a relatively high growth rate of …

India@75 survey: Most don’t see $5-trln-GDP by 2027, but see bright family future
2 years, 4 months ago

India@75 survey: Most don’t see $5-trln-GDP by 2027, but see bright family future

Live Mint  

Emerging fresh out of a once-in-a-century pandemic that left many unemployed or with pay cuts, Indians are hopeful of a brighter future as the country enters into a new era with the 75th year of independence. Over 61% of the respondents said they expected their family’s economic well-being to be “much better" or “a little better" in a few years, …

The inequality challenge for India@75
2 years, 4 months ago

The inequality challenge for India@75

Live Mint  

During the period 1950-51 to 2019-20, for which evidence is available, in real terms, growth in GDP was 4.9% per annum while growth in GDP per capita was 2.9% per annum. This provides a sharp contrast with the period 1900-01 to 1946-47 during the colonial era, when national income growth was 1% per annum and per capita income growth was …

India’s population growth: Is it boon or bane?
2 years, 5 months ago

India’s population growth: Is it boon or bane?

Firstpost  

The greatest growth in population in India, higher than the national average, is taking place amongst the poorest, in the least developed states, amongst the uneducated and malnourished Of the current world population of 8 billion in 2022, India and China account for roughly 2.8 billion, on a more or less equal basis. However, the greatest growth in population in …

Number Theory: How rich are India’s richest – and how poor are the rest?
2 years, 9 months ago

Number Theory: How rich are India’s richest – and how poor are the rest?

Hindustan Times  

The scourge of wealth inequality is a global phenomenon. In a recently released working paper “The sky and the stratosphere: concentrated wealth in India during the lost decade”, we studied the changes in the household wealth distribution between 2012 and 2018. Official data suggests that the Gini coefficient of per adult household wealth in India fell from 0.718 in 2012 …

Number of Indian billionaires rose to 142 in 2021
2 years, 11 months ago

Number of Indian billionaires rose to 142 in 2021

New Indian Express  

NEW DELHI: The number of Indian billionaires grew from 102 to 142, while 84 per cent of households in the country suffered a decline in their income in 2021, which was also a year marked by tremendous loss of life and livelihoods, according to non profit Oxfam India's latest report published on Monday. It indicates that the collective wealth of …

The cold truth about India’s income inequality
2 years, 11 months ago

The cold truth about India’s income inequality

The Hindu  

The latest edition of the World Inequality Report has confirmed that the world continues to sprint down the path of inequality. “Global multimillionaires have captured a disproportionate share of global wealth growth over the past several decades: the top 1% took 38% of all additional wealth accumulated since the mid-1990s, whereas the bottom 50% captured just 2% of it.” India’s …

India Among Most Unequal Nations; Top 1% Hold 22% Of National Income: Inequality Report
3 years ago

India Among Most Unequal Nations; Top 1% Hold 22% Of National Income: Inequality Report

ABP News  

New Delhi: India is now among the most unequal countries in the world, according to the findings of the latest report titled 'World Inequality Report 2022'. Stating India's position as a ‘poor and very unequal country, with an affluent elite’, the report said the top 1 percent of the population holds more than one-fifth of the total national income in …

Discover Related