India is expected to become a USD 30-trillion economy by 2050 pushed by robust consumption and exports, according to HDFC Bank chairman and former economic affairs secretary Atanu Chakraborty.
International financial institutions have projected India’s growth to be around 6.3 per cent this year and inflation at about 6 per cent, so nominal GDP would be around 10-12 per cent, Chakraborty said.
He added, “If this kind of pace continues for some years, it will make India a USD 30-trillion economy by 2045-50 with per capita income of USD 21,000.”
On Tuesday, International Monetary Fund (IMF) levered up India’s GDP projection marginally by 0.2 per cent to 6.3 per cent even as it cut the global growth forecast to 3 per cent.
As per IMF’s estimates in July, India’s GDP forecast stood at 6.1 per cent for 2023-24. But, this is lower than the RBI’s latest estimate of 6.5 per cent for the current financial year. Last week, the World Bank retained India’s growth forecast at 6.3 per cent for the current financial year on the back of robust service activities despite global headwinds.
India, which occupies majority of the South Asia region, is expected to grow at 6.3 per cent in 2023-24, India Development Update of the World Bank said.
Last month, Asian Development Bank (ADB) marginally lowered India’s growth forecast to 6.3 per cent for the current financial year.