Mon Sep 30 16:21:04 UTC 2024: ## India’s Economy Poised for Growth, Reaching $55 Trillion by 2047: IMF Expert
**Hyderabad, India:** India is on track to become a $55 trillion economy by 2047, coinciding with the centenary of its independence, according to Krishnamurthy Subramanian, the Executive Director of the International Monetary Fund (IMF) for India. He highlighted the potential for substantial economic growth, emphasizing the importance of skilled youth, entrepreneurial opportunities, and state-level reforms.
Subramanian, a former chief economic advisor to the Indian government and author of the book “India at 100,” believes that the country’s current economic trajectory, boosted by declining inflation, paves the way for significant progress. He cited the example of Japan, which witnessed a 26-fold economic growth between 1970 and 1995, despite facing external challenges, to illustrate the potential for India to achieve similar success.
“The key lies in fostering a conducive environment for businesses, attracting investments, and promoting skill development,” Subramanian stated. “We need to ensure that talented youth are equipped with the necessary skills and are given opportunities to contribute to the economy.”
While acknowledging the role of the central government in driving economic reforms, Subramanian stressed the need for state governments to implement necessary changes to unleash the full potential of their respective regions. He particularly mentioned states like Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, and Gujarat, which have the potential to become trillion-dollar economies individually, thus contributing to the nation’s overall prosperity.
Subramanian also stressed the importance of curbing inflation, which disproportionately impacts the poor, and highlighted the positive impact of the recent decline in inflation rates. He compared the job market situation in India with the US, emphasizing that India offers better growth prospects for young professionals, with salaries doubling every six years.
Subramanian concluded his remarks by emphasizing the potential of Telugu states, Telangana and Andhra Pradesh, in driving national growth. He urged these states to focus on infrastructure development, promote the IT and industrial sectors, and prioritize skill development among the youth.
“With the right policies and a commitment to fostering a conducive environment for growth, India can truly realize its potential and become a global economic powerhouse by 2047,” Subramanian concluded.
First Piper 