India likely to be $6.5-7 tn economy by 2030: Debroy

India is expected to be a USD 6.5-7 trillion economy by 2030, and at the current exchange rate it would touch USD 10 trillion by 2035-40, Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM) Bibek Debroy said today.

The per capita income in India by 2030 will, however, be just USD 4,000, still less than many other countries, he said.

"In the year 2030, India's national income will be around USD 6.5-7 trillion. If exchange rate remains what it is today then by 2035-40, India will be USD 10 trillion economy.

"And if exchange rate appreciates then India will be USD 10 trillion economy before 2035," Debroy said at Skoch summit here. Indias GDP or gross domestic product is nearly USD 2.5 trillion at present and the country ranks as the sixth largest economy in the world.

Debroy further said that India will be a remarkably different country as the size of its economy will enhance the country's role in global affairs. He also said that people are not seeking government jobs today, instead, more and more people are providing jobs to others.

Talking about the issues related to land, Debroy said it is a contentious issue and it is very inefficiently used in India. "We don't have a clear system of land titling."

Chairman of the 15th Finance Commission N K Singh predicted that by 2030, India should be growing at a double-digit rate. Singh further said fiscal federalism is deeply ingrained within India's constitutional framework and without that, the country would have faced many challenges.

He said the 15th Finance Commission is the first to be set up after the dismantling of the Planning Commission, which was replaced by the new body Niti Aayog in January 2015. "I do believe that Planning Commission had outlived its utility," he added.