TIRUPATI: 16th Finance Commission Chairman Prof. Arvind Panagariya on Thursday said India could become a high-income country by 2047 if it sustains a 7.8% annual growth rate with the right reforms in place.
Delivering a lecture on “India in the Global Economy: The Next Decade” at IIT Tirupati, Prof. Panagariya presented a roadmap to raise India’s Gross National Income (GNI) per capita from USD 2,540 (2023) to nearly eight times that by 2047.
He highlighted the need for labour and land reforms to shift workers from low-productivity enterprises to large-scale manufacturing, as well as the role of innovation, skilling, and technology adoption in accelerating growth.
He stressed India’s economic resilience despite challenges like the global financial crisis, COVID-19, and domestic issues, pointing to progress in infrastructure projects such as Atal Setu and the New Parliament building.
Prof. Panagariya also called for private sector-led job creation and industry-led skilling initiatives to strengthen workforce readiness.
Addressing climate change, he emphasised reducing urban pollution and improving energy security through non-fossil fuel sources. During the Q&A session, he acknowledged challenges faced by the manufacturing sector due to restrictive labour laws and urged policies to help medium-sized firms scale globally.
Earlier, Prof. Panagariya presided over a consultation with local representatives, who requested increased central financial support for civic infrastructure and incentives for MSMEs. The Commission assured consideration of inputs before further submissions.