India expected to be USD 6.5-7 trillion economy by 2030 says Bibek Debroy

Vastavam web: India is expected to be a USD 6.5-7 trillion economy by 2030, and at the current exchange rate it would touch USD 10 trillion by 2035-40, Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM) Bibek Debroy said today.The per capita income in India by 2030 will however be just USD 4,000, still less than many other countries, he said.”And if exchange rate appreciates then India will be USD 10 trillion economy before 2035,” Debroy said at Skoch summit here.

India s GDP or gross domestic product is nearly USD 2.5 trillion at present and the country ranks as the sixth largest economy in the world.He also said that people are not seeking government jobs today, instead more and more people are providing jobs to others.Talking about the issues related to land, Debroy said it is a contentious issue and it is very inefficiently used in India. “We don’t have clear system of land titling.”Singh further said fiscal federalism is deeply ingrained within India’s constitutional framework and without that, the country would have faced many challenges.He said the 15th Finance Commission is the first to be set up after the dismantling of the Planning Commission, which was replaced by the new body Niti Aayog in January, 2015.