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With the pace at which India is growing amid the current global headwinds, the country's economy is poised to touch the $30 trillion-mark by 2050, and the per-capital income is likely to soar to $21,000 by then, predicted Aranu Chakraborty, the chairman of HDFC Bank, while addressing an event in New Delhi on October 11.
With global financial institutions forecasting around 6.3 percent growth for India this year, at a time when inflation is at about 6 percent, then the nominal gross domestic product (GDP) growth rate would come in at around 10-12 percent, Chakraborty said, as per a news agency PTI report.
"If this kind of pace continues for some year, it will make India a USD 30-trillion economy by 2045-50 with per capita income of USD 21,000," PTI quoted Chakraborty, who is also a former economic affairs secretary, as saying.
The Indian economy is currently the world's fifth largest, with a size of $3.75 trillion. The per-capita income, as per the government data, stood at ₹98,374 in 2022-23. This is equivalent to around $1,183.
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The economy is on the path to hit the $5 trillion mark in 2027, aided by financial sector development and strong demographic advantage, Reserve Bank of India (RBI) Deputy Governor Michael D Patra said last month.
Barclays Plc, in a note issued on October 10, suggested that India requires to grow at around 8 percent annually for a sustainable period to oust China as the global economic driver. For growing at this speed, the country needs investment in areas such as mining, utilities, storage and transport, it said.
Meanwhile, the International Monetary Fund (IMF), in its World Economic Outlook (WEO) report released on October 10, raised the FY24 growth forecast for India from 6.1 percent to 6.3 percent. The upward revision reflects the “stronger-than-expected consumption during April-June", it said.
Earlier, the World Bank on October 3 retained India's growth forecast at 6.3 percent, citing the robust services activities. In September, the Asian Development Bank (ADB) also predicted India to grow at 6.3 percent in the forecast released last month.
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With global financial institutions forecasting around 6.3 percent growth for India this year, at a time when inflation is at about 6 percent, then the nominal gross domestic product (GDP) growth rate would come in at around 10-12 percent, Chakraborty said, as per a news agency PTI report.
"If this kind of pace continues for some year, it will make India a USD 30-trillion economy by 2045-50 with per capita income of USD 21,000," PTI quoted Chakraborty, who is also a former economic affairs secretary, as saying.
The Indian economy is currently the world's fifth largest, with a size of $3.75 trillion. The per-capita income, as per the government data, stood at ₹98,374 in 2022-23. This is equivalent to around $1,183.
Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!
The economy is on the path to hit the $5 trillion mark in 2027, aided by financial sector development and strong demographic advantage, Reserve Bank of India (RBI) Deputy Governor Michael D Patra said last month.
Barclays Plc, in a note issued on October 10, suggested that India requires to grow at around 8 percent annually for a sustainable period to oust China as the global economic driver. For growing at this speed, the country needs investment in areas such as mining, utilities, storage and transport, it said.
Meanwhile, the International Monetary Fund (IMF), in its World Economic Outlook (WEO) report released on October 10, raised the FY24 growth forecast for India from 6.1 percent to 6.3 percent. The upward revision reflects the “stronger-than-expected consumption during April-June", it said.
Earlier, the World Bank on October 3 retained India's growth forecast at 6.3 percent, citing the robust services activities. In September, the Asian Development Bank (ADB) also predicted India to grow at 6.3 percent in the forecast released last month.
'India to become $30 trillion economy by 2050 with per capita income of $21,000'
The Indian economy is currently the world's fifth largest, with a size of $3.75 trillion, and is expected to become the third largest in the next four years.
www.livemint.com
