India to be 2nd biggest economy in world by 2047: Commerce secretary

Commerce secretary BVR Subrahmanyam said on Saturday India will become the second largest economy in the world by 2047. He said within a few years from now India will be among the top four economies globally and by 2047 it will be the second biggest economy in the world under the vision laid down by Prime Minister Narendra Modi.

"By 2047 one cannot imagine where our economy will be as the country is changing very fast. There was a time when India had a share of 25 percent of the world economy. The way India is growing, we will regain the same position," the commerce secretary was quoted as saying by news agency ANI.

The commerce secretary also said India's exports grew by 17 percent year-on-year in the first five months of the current financial year. From April-August 2022-23, India's merchandise export was $192.59 billion compared to $164.44 billion in the corresponding period last year. 

Subrahmanyam said India's exports of services have surged. Services exports of $94.757 billion in the first four months of the current financial year are 26.78 per cent higher when compared with $74.740 billion recorded in the corresponding period of the last year. 

There was an increase of 8.4 percent in non-petroleum and non-gems and jewellery exports from $124.99 billion in 2021-22 to $135.49 billion in 2022-23. 

The merchandise export in the month of August was $33.0 billion which was around the same last year at $33.38 billion. Among the major products that showed growth in August included exports of electronic goods (50.68 percent), rice (42.32 percent), and organic and inorganic chemicals (13.35 percent). 

The services trade balance showed a year-on-year growth of 7.62 per cent from $33.279 billion April-July 2021 period to $35.814 billion in the $35.814 billion period.

While claiming the 'FTAs are on track' he said India-UK free trade deal is expected to be signed by Diwali. He added, "I am hopeful that India-Canada FTA will be concluded by December and FTA with European Union expecting by June-July next year,"

With inputs from ANI