India's Economic Aspirations: Upper Middle-Income Status by 2047

Financial Times' Martin Wolf discussed India's likely transition to an upper middle-income country by 2047, despite Prime Minister Modi's high-income goal. He highlighted India's potential to become a superpower and second-largest economy by 2047, noting necessary efforts in global influence and development strategies.

Financial Times' chief economics commentator, Martin Wolf, addressed India's economic future on Friday, asserting that the country is unlikely to achieve high-income status by 2047. However, he expressed confidence in India reaching upper middle-income status and becoming a superpower by then.

Wolf emphasized that India must navigate a challenging global environment, leveraging its influence to shape favorable conditions. He added that India could surpass the U.S. in the purchasing power parity rankings, becoming the second-largest economy globally, behind China.

Prime Minister Narendra Modi had declared a vision of a developed India by 2047 during his Independence Day speech. While India is currently categorized as a developing nation and the fifth-largest economy worldwide, Wolf believes that with strategic efforts and global opportunities, India's rise is achievable. He also stressed the importance of economic relations and increasing the trade to GDP ratio, according to Economic Advisory Council member Sanjeev Sanyal and Montek Singh Ahluwalia's remarks on governance and policy framework.

(With inputs from agencies.)