India may experience volatility in the foreign exchange, capital markets, and exchange rates due to uncertainities
Bibek Debroy, head of the economic advisory council to the prime minister said India’s gross domestic product (GDP) will be close to USD 20 trillion by 2047, and the per capita income could approach USD 10,000 (at the present value of the US dollar).
While speaking virtually at the University of Hyderabad’s 57th annual conference of the Indian econometric society, Debroy said though the Covid-19 pandemic may have passed, still there is a lot of uncertainty around the world regarding what is happening in China, the Russia-Ukraine conflict, growth prospects in Europe and the USA.
“India will have a per capita income worth 10,000 US dollars in today’s money in 2047. Additionally, the average GDP will be close to 20 trillion US dollars. India’s society will change as a result,” said Debroy.
He said that the government had provided the people with their fundamental needs, particularly in rural regions, and that India’s economic indices had improved since the Covid.
He claimed that due to various global uncertainties, like the crisis in Russia and Ukraine and the prospects for economic growth in Europe and the USA, India may experience volatility in foreign exchange, capital markets, and exchange rates.