India's per capita income to grow to $20,000 by 2047: NITI Aayog CEO

By 2047, India is anticipated to emerge as one of the world's youngest nations demographically, with a projected per capita income between $18,000 and $20,000, according to NITI Aayog CEO BVR Subrahmanyam. He shared this insight during the 11th Annual Forum of the Public Affairs Forum of India (PAFI), a flagship event for public affairs professionals being held in New Delhi.

The NITI Aayog CEO highlighted India’s progress over the last decade in addressing critical issues such as poverty and natural disasters, suggesting that the country is well on its way to becoming a dominant global player.

Subrahmanyam says India's economy could potentially double in size by 2030. “This growth is significant as India is expected to emerge as a major global player, building on the substantial progress made over the past decade in addressing challenges such as natural disasters and poverty,” he states.

He says climate change presents a unique opportunity for India to lead in climate and green technologies.

Subrahmanyam says India's ambition to become the third-largest economy by 2026-2027 requires a comprehensive strategy. Presently, the country ranks as the fifth-largest economy globally with a GDP of about $3.94 trillion in 2024. He says India is at a crucial point in its path to becoming a global powerhouse, with forecasts suggesting an economy valued at $38 trillion and a youthful population that enhances its global standing.

He also shared that India could build a solid foundation for global markets by positioning itself as a solutions hub for engineering and promoting ‘Make in India’ as a symbol of quality.

Subrahmanyam stressed the role of Global Value Chains (GVCs) and the importance of urban development and infrastructure in driving economic growth. He emphasised that cities must serve as economic hubs, while the private sector should take the lead in innovation and investment.