Can India Be A $30 Trillion Economy By 2047? Aditya Pittie's New Book Makes The Pitch

News18

6 hours ago

Last Updated:
In 'Viksit Bharat: India@2047', Aditya Pittie uses data, sectoral blueprints and the Rule of 72 to argue India can surpass even NITI Aayog's projections & hit $30 trillion by 2047
As of mid-2025, India's economic size has grown to approximately $4.34 trillion, overtaking Japan to become the fourth-largest economy in the world. Prime Minister Narendra Modi, during his Independence Day speech in 2023, had set this target, and later reiterated how, by 2028, India would be among the world's top three economies. But entrepreneur Aditya Pittie's new book Viksit Bharat: India@2047 (Fingerprint Publishing) looks further ahead, to the centenary year of India's independence.
For Pittie, it's not just about flexing a $30 trillion economy by then, but also addressing one of the Opposition's most pointed criticisms: India's low per capita GDP.
Pittie's book, which often reads like a PowerPoint deck, argues that by 2047, India should aim not just for a bulky $30 trillion economy, but also a per capita income exceeding $18,000. He does admit, however, that as per a NITI Aayog report, India's GDP is projected to grow at an average annual rate of 7-8 per cent, reaching $26 trillion by 2047.
So, with 22 years to go, how does Pittie suggest the Modi government prove NITI Aayog wrong? When he wrote the book in 2024, India's economy was smaller than it is now — at $3.94 trillion — and he has based his calculations accordingly.
Pittie writes: 'Starting from a $3.94 trillion economy in 2024, India needs to grow to $30+ trillion by 2047 — a 23-year period. This requires a compound annual growth rate (CAGR) of approximately 9.2 per cent in nominal GDP. India's expected GDP growth rate is between 6 and 9 per cent. Factoring in an average annual inflation rate of about 4-6 per cent, India's nominal GDP growth could comfortably average around 12 per cent per annum."
The MIT alumnus then brings in a theory he calls the 'Rule of 72', a tool to estimate how long it takes for an economy to double its GDP. 'By dividing 72 by the nominal GDP growth rate, one can calculate the approximate number of years it takes for GDP to double. For example, at a 12 per cent nominal growth rate, the economy would double every six years (72 ÷ 12 = 6)," he explains in the book.
So, by 2030, India should be an $8 trillion economy — the first doubling. By 2036, $16 trillion. If the trend holds, Pittie writes, India could become a $50 trillion economy by 2047, well beyond the stated goal of $30 trillion. 'Even with occasional fluctuations and external shocks, this trajectory offers an adequate margin to achieve the projected figure by India's centenary of Independence," he notes.
Pittie says this is doable and realistic, provided a few key conditions are met. First, India's growth engine needs to remain consistent. Governance reforms are due. The country's demography must be turned into a dividend. And there has to be a sharper focus on per capita income and per capita wealth, two factors that developed nations typically take very seriously.
In the book, Pittie lays out a 2047 roadmap across multiple sectors — infrastructure, urban development, digital infra, education, and entrepreneurship. What sets Viksit Bharat: India@2047 apart is that it goes beyond opinion, offering practical, sector-specific solutions, whether it's artificial intelligence or waste management. Essentially, if India aims to become a developed nation, Pittie attempts to adapt and synthesise key policy ideas from developed countries, grounding his proposals in research and data.