SBI Research forecasts a game-changing leap for India: upper middle-income status by 2030 with per capita income topping $4,000, aligning it with leaders like China and Indonesia.
This comes amid blistering economic expansion. Post-1947, $1 trillion took 60 years; $2 trillion followed in seven years (2014). Then, $3 trillion (2021), $4 trillion (2025 projected), and $5 trillion soon after.
Per capita highlights from Dr. Soumya Kanti Ghosh: $1,000 (2009), $2,000 (2019), $3,000 (2026 anticipated). Decade-long outperformance globally underscores India’s rise.
2047’s developed nation goal requires 7.5% GNI CAGR; 23-year track record of 8.3% supports it. Threshold shifts to $18,000? Ramp up to 8.9%. Nominal GDP at 11.5% accounting for population/inflation is vital.
Reforms must persist to match past 11.5% growth peaks, securing ~$4,500 per capita upper middle-income and beyond.