16th September 2020
India can set an goal for it’s Economy till 2050, as US dollar 10,000 per capita or 15 trillion dollar GDP.
According to Economic History, from the year AD 1 to AD 1750, the Indian Sub-continent contributed from 25% to 33% of World’s GDP. At the same time, the Indian Sub-continent had 25% of World’s population. Thus, for 1750 years the Indian Sub-continent had a per capita income equivalent to World average per capita income.
So, the golden economic past of India everybody talks about is just having income levels equivalent to World average . This is the time when we Indians called our country Sone-Ki-Chidiya (the golden bird).
Therefore, for regaining our glorious past we just need to bring our per capita income to the World average level. The world average per capita income is US dollar 10,000.
Currently in 2020, Indian per capita income is US dollar 2,200. If India grows it’s economy at the rate of 6% per year for the next 30 years, India will achieve per capita income of US dollar 10,000 by 2050.
In 2050, India with a population of 1.5 billion and per capita income of US dollar 10,000 will have an economy (GDP) of 15 trillion dollars.
Thus, India should have an economic goal of growing at 6% per year for the next 30 years to reach a per capita income of US dollar 10,000 till 2050.