At a time of looming recession scare, India will steadily move forward and become a $40 trillion economy by 2047, according to Mukesh Ambani, chairman and managing director of Reliance Industries Ltd. 

While speaking at the Reliance Family Day Function, Ambani called India a "shining spot" and added that the country could soon enter an era of prosperity. 

Reliance Industries (RIL) Chairman Mukesh Ambani

"From an era of shortages, scarcity & widespread poverty, India will enter an era of inclusive prosperity, the abundance of opportunities, & unimaginable improvement in the ease of living and quality of life of 1.4 billion Indians," said Ambani. 

He added: "We can become a $40 trillion economy by 2047, Centenary of our Independence, in sustainable & stable manner." 

According to Ambani, India has all the necessary ingredients which includes the power of young demography, mature democracy & newly acquired power of technology to become a major global economic power by 2047. 

Earlier in September, a report released by the State Bank of India had suggested that India will become the third largest economy by 2029 as the country is witnessing strong economic growth amid inflationary pressures. 

The report authored by Soumya Kanti Ghosh, Group Chief Economic Advisor of SBI pointed out that India's gross domestic product growth rate for the financial year 2023 currently ranges between 6.7 percent to 7.7 percent.

A few months back, Bloomberg, based on calculations using the IMF database and historic exchange rates on its terminal revealed that India has surpassed the United Kingdom and is currently the fifth-largest economy in the world.