India's economy can hit $10 trillion-mark in less than two decades

[Lord ZeN]

New Delhi: Asserting that the Indian economy has shown resilience in the face of challenging global trends, President Pranab Mukherjee today said it has the potential to attain a size of $10 trillion over the next two decades.


Reuters

Inaugurating the 35th India International Trade Fair (IITF) 2015 here at Pragati Maidan, he said there was a need to provide impetus to domestic manufacturing, and 'Make in India' campaign along with focus on Asia, Africa and Latin America as newer export markets will help sustain the challenges from the external sector.

"We are a $2.1 trillion economy and have the potential to be a $10 trillion economy over the next two decades provided we are able to give fillip to manufacturing and innovation," Mukherjee said.

"Our economy has admittedly withstood the challenging global economic scenario of the past few years. Despite the economic slowdown afflicting major economies in the world, India has remained largely insulated," he said.

Barring a below 5 percent growth in one year (2012-13), India's economy has shown resilience, the President said.

Mukherjee said that the economic scenario is again looking up, with 7.2 percent economic growth in 2014-15.

"It is expected to improve further as other macro economic indicators show substantial improvement," he said.

Inflation is within control and industrial performance is also showing signs of revival, he said adding fiscal consolidation measures are in place and India should be able to meet the target of three percent fiscal deficit by 2017-18.

"The external sector should not be a cause of concern despite a not so encouraging export performance last year.

Slowdown in global economic activity also finds reflection in declining import with a substantial reduction in our import dependence on oil," Mukherjee said.

India's current account deficit (CAD) has improved and has reduced from 1.7 percent of GDP in 2013-14 to 1.4 percent of GDP in 2014-15.

Indian economy can grow to $10 trillion in next two decades, says president Pranab Mukherjee

India's economy can hit $20 trillion-mark in over two decades, says Pranab Mukherjee - Firstpost

 

[Kashmiri Pandit]

As per my calculations , At a 8 to 10 % GDP growth its a real deal .

20 years from now , I want India to be a Sci Fi place rather than becoming another US and China .

 

[Brickwall]

its good to be ambitious, but would like India to focus on reform so that economy growth jumped to that double digit figure.

Till the time we achieve, its useless any number we are quoting

 

[Grevion]

If there are right people who makes the right policy in the center we have the potential to hit 10 trillion in one and a half decade. The current govt is doing its very best though it could do more.
Our main problem right now is decreasing export and our negative trade deficit.

As per my calculations , At a 8 to 10 % GDP growth its a real deal .

20 years from now , I want India to be a Sci Fi place rather than becoming another US and China .

Something like that movie I Robot
I think Japan would be the first country to become something like that but one should never underestimate the common Indians

 

[Guynextdoor2]

it probably will

 

[Kashmiri Pandit]

Something like that movie I Robot
I think Japan would be the first country to become something like that but one should never underestimate the common Indians

Yup

I want places like these in India .

Paris as a Green and Sustainable Future City Is Even More Beautiful

 

[Lord ZeN]

As per my calculations , At a 8 to 10 % GDP growth its a real deal .

If we are able to sustain a double digit GDP growth (10 to 11%) we can even get to 15-16 trillion mark within 20 years. But that would need a lot of work especially in Infrastructure and tax structure. Implementation of GST and setting up a proper tax structure can kick start things for our economy.

 

[Grevion]

Yup

I want places like these in India .

View attachment 272684

Paris as a Green and Sustainable Future City Is Even More Beautiful

That's too green plus the skyline looks like some alien world.
What do you think about this one

If we are able to sustain a double digit GDP growth (10 to 11%) we can even get to 15-16 trillion mark within 20 years. But that would need a lot of work especially in Infrastructure and tax structure. Implementation of GST and setting up a proper tax structure can kick start things for our economy.

GST is a replacement for CST and it will surely help our business from intense tax burden and double taxation which will help ease of doing business in India but apart from GST and Land reforms a lot more like labor reforms and local production of high end machinery would be required to reduce import and to boost our manufacturing sector.

 

[Lord ZeN]

That's too green plus the skyline looks like some alien world.
What do you think about this one

Paris as a Green and Sustainable Future City Is Even More Beautiful



GST is a replacement for CST and it will surely help our business from intense tax burden and double taxation which will help ease of doing business in India but apart from GST and Land reforms a lot more like labor reforms and local production of high end machinery would be required to reduce import and to boost our manufacturing sector.

Indeed a lot more needs to be done. Implementation of GST and improving investor confidance is just about getting on the right track . Being an industrial power should be our long term goal.

 

[Skull and Bones]

GDP is doubling every 7 years, so the possibility is indeed there.

 

[Indika]

More than doubling economy , I want to see equitable distribution & less corruption. Even if economy doubles but if crony capitalism persists then there is no point in growing. There will only be mega sized scams and whole sale selling of interests.

We should focus on building better governance and good institutions to take our country forward. Rest of the things will automatically follow.

 

[Chinese-Dragon]

Multiplying the GDP by 5x in two decades is possible.

But even at China's current economic size you can see how many problems we still have.

 

[Guynextdoor2]

GDP is doubling every 7 years, so the possibility is indeed there.

I think the new sectoral FDI openings announced last week plus the really borad based reforms that today's newspapers have announced as coming out this month should finally put things into high gear. The real tragedy is that Modi has spolit his relations with the opposition and broken support on GST. These plus GST would have meant pretty much a massive step forward on the economy.

More than doubling economy , I want to see equitable distribution & less corruption. Even if economy doubles but if crony capitalism persists then there is no point in growing. There will only be mega sized scams and whole sale selling of interests.

We should focus on building better governance and good institutions to take our country forward. Rest of the things will automatically follow.

about time you voted AAP.

 

[Jai Bharat]

I think the new sectoral FDI openings announced last week plus the really borad based reforms that today's newspapers have announced as coming out this month should finally put things into high gear. The real tragedy is that Modi has spolit his relations with the opposition and broken support on GST. These plus GST would have meant pretty much a massive step forward on the economy.

BJP is planning a joint session if opposition does not yield. They won't be able to stop it.

 

[Dungeness]

Multiplying the GDP by 5x in two decades is possible.

But even at China's current economic size you can see how many problems we still have.

They are predicting 20 years into the future, while they can't even keep up what they said this year.

Earlier this year:
India aims for 8-10 pct 'non-inflationary' GDP growth -minister| Reuters
Budget 2015: India's 2015/16 GDP growth seen at 8-8.5% y/y, says FM Arun Jaitley - timesofindia-economictimes

Today:
GDP growth likely to exceed 7.3 percent in 2015-16: Jaitley - Oneindia