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US Diaspora key to India’s economic ascent by 2047: IMF's K V Subramanian
“Investors have the chance not just to double but to triple their money. Over a 20 to 25-year horizon, the returns in India are unparalleled compared to any other economy,” said Subramanian.
Dr. K V Subramanian, executive director for India at the International Monetary Fund (IMF). / Facebook
India's unprecedented growth trajectory offers "phenomenal opportunities" for investors, particularly those within the Indian diaspora, said Dr. K V Subramanian, executive director for India at the International Monetary Fund (IMF).
Speaking at the launch of his book, India@100: Envisioning Tomorrow’s Economic Powerhouse, Subramanian highlighted the transformative potential of India’s economy, urging diaspora investors to take advantage of its dynamic investment climate.
“The opportunities available for the Indian diaspora and American investors are extraordinary,” Subramanian noted at the event organized by the US-India Strategic and Partnership Forum (USISPF) on Dec.5. “Investors have the chance not just to double but to triple their money. Over a 20 to 25-year horizon, the returns in India are unparalleled compared to any other economy.”
He stressed that the diaspora’s engagement could extend beyond remittances to include direct investments in India’s banking and economic systems. “Saving money in Indian bank accounts provides a much higher rate of return than in US banks. With the Indian economy growing at 12 percent in nominal dollar terms, salaries are expected to rise by 17-18 percent annually, doubling every five years. This kind of growth is transformative,” he said.
Subramanian’s book outlines a roadmap for India to reach a USD 55 trillion economy by 2047, coinciding with the country’s centennial Independence Day. He attributed this vision to continued economic reforms and the solid policy framework established post-2014.
Responding to questions, Subramanian expressed confidence in India’s ability to achieve his ambitious forecast. “India’s growth story is unique and sustainable, built on its demographic dividend, technological advancements, and reform-oriented policies,” he said.
Subramanian urged the diaspora to actively participate in India’s growth story, highlighting immense opportunities in sectors such as technology, manufacturing, and finance. “Salaries in India could rise 100 times over a 30-year career compared to only seven to eight times in the US,” he explained, while acknowledging that India needs to improve its quality-of-life metrics to attract more expatriates.
As he concluded, Subramanian reiterated the transformative potential of the Indian economy: “The next 25 years belong to India, and the diaspora has a critical role to play in this journey.”
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