Business

India has the potential to become $10 trillion economy by 2032: Report

September 21, 2024

New Delhi, Sep 21

Driven by strong GDP growth and robust manufacturing and emphasis on building infrastructure, India is on its way to becoming the third largest economy soon and has the potential to add $1 trillion to its GDP every 1.5 years to reach the $10 trillion economy mark by 2032, a new report showed on Saturday.

The country is expected to become a $4 trillion economy in 2024–2025, which would make 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, positioning itself as the world’s third-largest economy by 2030.

"By adding USD 1tn every 1.5 years going forward, India is forecasted to emerge as the third-largest global economy over the next six years," the report noted.

Ten years ago, India was the 10th largest economy in the world, with a GDP of $1.9 trillion at current market prices.

Key initiatives such as "Make in India" are expected to play a pivotal role in bolstering the nation's manufacturing capabilities and positioning 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 fiscal 2030-31, driven by a robust projected annual growth rate of 6.7 per cent. The country has emerged as the fastest-growing large economy at an 8.2 per cent growth rate in FY24, significantly exceeding the government’s earlier estimate of 7.3 per cent.

 

 

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