Claiming credit for the inevitable.

"India will be a developed country by 2047, Prime Minister Narendra Modi said in his 10th Independence Day speech, juxtaposing that long term goal with the more short-term objective of the country's economy becoming the world's third largest - it is currently fifth - which he said would happen during his third term." HT. "Well, I am confident" "And it is because of that confidence we are able to say, yes, we will see India as a developed country by 2047. Now third-largest, it is certainly something that PM (Modi) has mentioned as a guarantee that in his third term, we will achieve it," echoed Finance Minister Nirmala Sitharaman. "For starters, the country would have to make its per capita income grow more than five-fold in 24 years, which calls for annual growth of 7 percent. Since the country's population will continue to grow, GDP would have to grow faster than that," wrote TN Ninan. According to the UN's present classification, "A country with GNI (gross national income) per capita of up to $1,085 is low income economy, up to $4,255 in the next bracket of lower middle-income, up to $13,205 as upper middle-income and above that high-income economy," wrote Darpan Singh. "In a special report titled India@100, the Reserve Bank of India (RBI) has projected that the country's real GDP will have to grow 7.6% per annum for the next 25 years, raising its current per capita GDP of $2,500 to $22,000, to join the developed economy club," wrote Pragya Srivastava. India has never grown at that rate for that long. However, a nominal GDP growth rate of 8.3% will take the nominal GDP to $5 trillion in 2027 and to $10 trillion by 2036. Real GDP is derived by adjusting the nominal GDP for inflation. Investopedia. India's annual GDP deflator was 8.3% in 2022. World Bank. To calculate a country's GDP properly needs accurate data. "Given the weaknesses in India's statistical system, annual data on many sectors is unavailable. India's national accountants use outdated data, heroic assumptions and rough proxies to fill these gaps in the national accounting database," wrote Pramit Bhattacharya. Modi may not win the next election, "But India will grow to become the third-largest economy in the next few years almost regardless of who is in the prime minister's seat, because India's growth trajectory was set long before Modi became PM, and it has been on course despite the shocks he has himself administered to it," wrote S Raghotham. "Population and economic growth will ensure a larger economy," wrote Congress leader Salman Anees Soz. "If GDP rankings were a measure of well-being, our first Prime Minister Jawaharlal Nehru would have celebrated India's 8th largest economy rank in 1960 when much of the country lived in extreme poverty." For comparison, GDP in rupees is converted to US dollars at current prices. From 4.79 to a dollar the Indian rupee has fallen to 83 to a dollar today because India has much higher inflation than the US. ET. According to the World Bank, at constant prices in 2015 US dollars the Indian GDP stood at $2.95 trillion in 2022 (the IMF calculated it at $3.39 trillion in current prices), while Japan's economy was $4.51 trillion at constant prices in US dollars," wrote Vivek Kaul. India will have to maintain a much higher rate of growth than Japan consistently to become the third largest in the next few years. Growth is inevitable. As long as it is not spoiled by bad policies.