New Delhi, Apr 18 (KNN) India's economy is estimated to grow at a robust 8-8.3 per cent rate in the current fiscal year 2023-24, according to projections by industry body PHDCCI.

The country's GDP is then forecast to expand at an average annual rate of 6.7 per cent over the next 23 years to become a USD 34.7 trillion economy by 2047, with a per capita income reaching USD 21,000.

"India's economy has strong growth fundamentals driving this impressive outlook," said PHDCCI Chief Economist SP Sharma.

He noted that after peaking around 2035, growth rates will gradually decelerate but remain elevated, averaging 6.7 per cent annually through 2047.

To realise its vision of becoming a developed nation by 2047, PHDCCI outlined 10 key enablers in a new report.

Top recommendations include reducing costs of doing business, enhancing scalability of promising sectors like tech and renewables, providing continued support to startups, boosting exports, reforming agriculture, filling vacant government positions, pushing digital transformation, and greatly expanding renewable energy capacity.

"With focused efforts on these enablers, India can propel itself to develop economy status with a nearly USD 35 trillion GDP and USD 21,000 per capita income level within the next 25 years," Sharma stated.

(KNN Bureau)