National Security Advisor (NSA) Ajit Doval on Friday made an audacious prediction about India’s economic trajectory by 2047, the year in which India will celebrate 100 years of Independence. Doval said the country’s GDP may grow by 8 times and could reach $32 trillion by 2047. 

While addressing the 62nd convention of IIT Madras in Chennai, the NSA said that the per capita income of Indians will also see a massive boost. He further said that India could have the largest workforce in the world by 2047. 

“If that happens, our per capita income will grow from $2,500 to $22,000. The country will have around 1.1 billion working population, highly skilled across multi-oriented disciplines. There will be a burgeoning middle class while the country’s demography, civilisation, and spiritual strength will add another dimension to its prowess,” Doval said. 

In contrast to India, Doval had a pretty grim forecast regarding the Chinese economy and its workforce. He said that China’s workforce would reduce to 23% of what it is at present. 

Furthermore, he underlined the importance of adopting evolving technologies like artificial intelligence (AI). “The Chinese took 12 years and invested $300 billion to develop 5G. We didn’t have that much time or that much money. But, in just two-and-a-half years, we went to create an indigenous alternative.” 

Meanwhile, CII President Rajiv Memani said that India must clock an average nominal GDP growth of 10% annually to realise the Modi government’s Viksit Bharat by 2047 vision. 

“India would require an average about 10 per cent nominal growth to achieve the Viksit Bharat vision,” Memani told news agency PTI. 

Doval’s predictions are backed by experts. As per experts, India’s projected GDP could stand anywhere between $25-30 trillion on the back of its demographic dividend (young population), digital economy and tech innovation, manufacturing and exports, reforms in land, labour and capital markets, as well as sustainability and energy transition.