India must aim $30 trillion economy with per capita income of $18,000: NITI Aayog

New Delhi, July 28: For India to become a developed nation, it needs to strive to be a $30 trillion economy by 2047 with a per capita income of $18,000 per annum, a key NITI Aayog document has revealed.

By then, the GDP would have to grow 9 times from today’s $3.36 trillion and the per capita income would need to rise 8 times from today’s $2,392 per annum, according to the 'Vision for Viksit Bharat @ 2047, An Approach Paper'.

"The 21st century can be India’s century, as the country pole-vaults into the future confident of its capabilities. It is the 5th largest economy in the world today and by most estimates will be the world’s 3rd largest economy by 2027 as its GDP crosses $5 trillion," the document read.

By 2047, India is capable of becoming a $30 trillion economy with the quality of life of a developed nation. It will be a Viksit Bharat.

According to the document, India has made visible strides in its transformation journey and is now ready for take-off.

"We have demonstrated the capability to take a quantum leap like many other nations that have achieved similar leaps by taking advantage of a turning point in their histories," the NITI Aayog said.

A vision for Viksit Bharat @2047 will consist of concrete goals, with a strategy and a set of guiding principles to achieve those goals, and clear actions along certain themes to actually implement the strategy, it said. "All these put together would constitute a vision for Viksit Bharat@2047," it added.