Ashok Lahiri: India could reach $20,000 per capita by 2047
India is aiming big: the country's per capita income could shoot up from $2,813 in 2026 to as much as $20,000 by 2047.
NITI Aayog Vice Chairman Ashok Lahiri shared this vision at the India Policy Forum, explaining that it will take steady growth, about 9.25% a year, to get there.
Ashok Lahiri urges investment and savings
Lahiri said India has to ramp up investments and domestic savings and tackle tricky issues like factor-market imperfections, especially in land and capital, and structural reforms would be critical to sustaining economic growth.
He pointed out that getting land for new projects is often stuck in legal delays.
Lahiri said, "India's challenge is to create the most attractive environment for investment by removing structural obstacles, strengthening entrepreneurship and mobilizing higher domestic savings."