NEW DELHI New Delhi: Riding on robust GDP growth and a push for strong manufacturing and infrastructure building, India is on its way to become the third-largest economy soon and has the potential to add $1 trillion to its GDP every 1.5 years, making it a $10 trillion economy by 2032, a new report said on Saturday. The country is expected to become a $4 trillion economy in 2024-2025, making it the world's fourth-largest economy.
According to a report by IDBI Capital, the country is on track to become a $10 trillion economy by 2032, making it the world's third-largest economy by 2030. “Going forward, India is projected to emerge as the third-largest global economy over the next six years by adding $1 trillion every 1.5 years,” the report said. Ten years ago, India was the world's 10th-largest economy, with a GDP of $1.9 trillion at current market prices. Flagship initiatives such as “Make in India” are expected to play a key role in enhancing the country's manufacturing capabilities and establishing India as a global manufacturing hub.
On Thursday, a report by S&P Global projected that India is on track to become the third-largest economy by FY31, driven by a robust projected annual growth rate of 6.7 per cent. The country has emerged as the fastest-growing large economy with a growth rate of 8.2 per cent in FY24, much higher than the government's earlier estimate of 7.3 per cent.
According to a recent Niti Aayog document, for India to become a developed nation, it needs to strive to become a $30 trillion economy by 2047 with a per capita income of $18,000 per year. By then, GDP needs to grow 9 times from today's $3.36 trillion and per capita income 8 times from today's $2,392 per year, according to the document. The 21st century can be India's century, as the country moves towards the future, confident of its capabilities. India is today the world's fifth-largest economy. Prime Minister Narendra Modi said this week that India is becoming a major stakeholder in the global supply chain and this growing capability is the basis of its economic growth.
