India's 7% Growth Path to Prosperity by 2047, Says Report

The Washington Examiner's report noted that the country's growth record has been impressive, with the economy expanding at an average annual rate of around 7 per cent.

"If the country can maintain that growth rate for the next 20 years, India will reach the threshold of a high-income nation, with a per capita GDP of over $15,000 in 2025 US dollars," the analysis projected.

It added that India could sustain this long-term growth trajectory and avoid the so-called "middle-income trap" that has hindered countries such as Brazil, South Africa and Turkey.

The report identified India's demographic profile as a key structural advantage, noting that the country remains one of the youngest major economies in the world, with a median age of 28. On the other hand, the median age in the US is around 38, while China's is close to 41.

Over the next two decades, a significant share of India's population will enter the workforce, ensuring a steady supply of productive labour and supporting the expansion of a large domestic consumer base.

The report also emphasised that this demographic dividend, combined with rising productivity, could help sustain high growth. It also highlighted shifting global supply chains as a major opportunity.

As Western economies, particularly the US, diversify away from China, India is emerging as a key alternative manufacturing and investment destination as global technology firms such as Apple are expanding their presence in India.

India's digital ecosystem -- including digital identity, mobile payments and e-governance platforms -- is integrating millions into the formal economy, improving efficiency, enhancing tax compliance and expanding access to finance for small businesses.

The report also pointed to India's strong entrepreneurial culture, supported by a growing venture capital ecosystem. Startups in sectors such as fintech, artificial intelligence and e-commerce are gaining scale, helping the country move up the value chain.

According to the report, reforms undertaken under Prime Minister Narendra Modi -- spanning taxation, judicial processes and education -- are aimed at addressing structural bottlenecks and sustaining long-term growth.

"Economic history has shown that countries can escape the middle-income trap through strong capital investment, expanding labour supply and technological advancement -- factors that are increasingly present in India's growth story," according to the report.

- IANS