India’s trajectory broadly positive…there is no way any math would support us becoming a developed economy by 2047, says Ruchir Sharma.

‘2025 could be a breakthrough year in which capital begins to leave the US because of the domestic problems and finds its way into other countries’

“India’s trajectory is broadly positive. But there is no way any math would support us becoming a developed economy by 2047,” he said.

“For us to become a developed country by 2047, we will have to grow at 10-12% real GDP per year, or even to be a middle income country. Our per capita income today is $ 3,000.

Meanwhile on a question on the Indian stock markets, Sharma said that the classic models are not working for India as of now. “The domestic flow of money or the financialisation trend that we are seeing has taken a momentum of its own. India has been the most expensive stock market in the world for a while. It is the one market in the world which is more expensive that the US in terms of valuations despite the US market being at record highs. This is a market which is functioning on its own dynamics. The good thing is that it is so far broadly supported by fundamentals,” he said.