reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra has said that India can achieve a growth rate of 10 percent in the next decade. He said that India is overcoming challenges through its energy and changes. In such a situation, India can become the second largest economy in the world by 2032 and the largest economy by 2050. That means then America and China will also be left behind, which are currently the first and second largest economies of the world. He said India’s recent growth performance has surprised many. For example, the International Monetary Fund (IMF) has raised its forecast for 2023 by 0.8 percent cumulatively between April, 2023 and January, 2024.
India is the fifth largest economy in the world
The IMF expects India to contribute 16 percent to global growth, the second largest share in the world in terms of market exchange rates. According to this measurement, India is the fifth largest economy in the world and is poised to overtake Germany and Japan within the coming decade. The Indian economy is already the third largest economy in the world in purchasing power parity (PPP) terms.
This is how a 35 trillion dollar economy will be created
India needs to achieve 9-10 per cent growth rate in the next three decades to become a $35 trillion economy by 2047, India’s G-20 Sherpa Amitabh Kant said on Thursday. Kant said that India will become the third largest economy by 2027, surpassing Japan and Germany. Kant said, India should grow at a higher rate. India should grow at 9-10 percent every year for three decades.
India’s economy better than expected
India’s economy grew at a better-than-expected rate of 8.4 percent in October-December 2023, which is the highest level in the last one and a half years. This has helped in taking the growth rate estimate for the current financial year to 7.6 percent. Kant said, “Our ambition should be that by 2047 we not only become a $35 trillion economy, but we are also able to increase the per capita income from the present $3,000 to $18,000.” At present the Indian economy is worth 3,600 billion dollars.
These states will have to develop fast
Kant said India needs at least 12 states to champion growth, and they have to grow at more than 10 per cent. He said that the growth rate of states like Jharkhand, Chhattisgarh and Bihar should be higher. “If these states grow at more than 10 percent, India will grow at more than 10 percent.” Kant said that after the Lok Sabha elections, India should initiate huge reforms in education, health and nutrition.
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