India's Path to 2047: Digital Finance, Financial Inclusion, and Economic Expansion
Year: 2025
Type: article
Abstract: As India approaches its centenary of independence in 2047, the ambition of achieving a $10 trillion economy is both an economic imperative and a strategic necessity. From a modest GDP of $270 billion in the early 1990s to $4.2 trillion today, the nation has demonstrated remarkable resilience and adaptability. However, the path to a $10 trillion economy requires structural transformations, financial innovation, and policy recalibration to align with a rapidly evolving global economic order. This paper explores four core strategic pillars that will drive India’s ascent: (1) targeted interest rate reductions for priority sectors such as power, pharmaceuticals, infrastructure, and education to stimulate industrial growth and human capital development; (2) leveraging the Indian diaspora’s wealth by creating enhanced remittance channels and sovereign investment vehicles; (3) positioning UPI as a global financial infrastructure, reducing reliance on traditional banking intermediaries and offering an alternative to SWIFT in international trade; and (4) unlocking India's vast gold reserves through a structured Gold Banking System, bringing idle assets into the formal economy. Additionally, the study highlights the potential reconfiguration of global financial systems, where a multipolar currency framework may replace the U.S. dollar’s dominance. India’s ability to navigate these macroeconomic shifts while ensuring inclusive growth and sustainability will determine its long-term global economic standing. The strategies outlined in this paper provide a comprehensive roadmap for policymakers to steer India towards its ambitious economic milestone.
Authors: K. Savla, Pooja Dhayalakar
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6968302760
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