India's Growth Trajectory: From GDP Powerhouse to Individual Prosperity

India's economic ascent has transformed its global GDP ranking, but citizens' income remains low. A Llama Research report suggests that India's next economic phase should focus on enhancing individual prosperity, leveraging its tech-savvy population, macro stability, and policy strengths to achieve the 'Viksit Bharat' dream by 2047.

India has experienced remarkable economic growth, surpassing several nations in GDP standings over the last decade. However, Llama Research highlights a crucial issue: individual prosperity hasn't kept pace. The report suggests that boosting manufacturing, digital transformation, and climbing income tiers offer India advantageous stepping stones toward greater individual wealth.

Ranked lowest in per capita income among the world's top 10 economies, India's status is seen not as a flaw by Llama Research but as an opportunity for growth potential. The tech-savvy population, robust policy frameworks, potential for long-term capital formation, and macroeconomic stability all position India well for future growth.

To achieve its 'Viksit Bharat' goal by 2047, India must maintain an approximate 8% growth rate, as projected by the Economic Survey document for 2024-25. India's evolution from the 'Fragile 5' to the fifth-largest economy globally underscores its growth narrative, with projections to soon overtake Japan in GDP rankings.

(With inputs from agencies.)