India is expected to become a USD 30-trillion economy by 2050 pushed by robust consumption and exports, HDFC Bank chairman and former economic affairs secretary Atanu Chakraborty said on Wednesday.
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, he said.
“If this kind of pace continues for some year, it will make India a USD 30-trillion economy by 2045-50 with per capita income of USD 21,000,” he said at an event organised by KPMG.
International Monetary Fund (IMF) on Tuesday raised India’s GDP projection marginally by 0.2 per cent to 6.3 per cent even as it slashed the global growth forecast to 3 per cent.
IMF in July had estimated India’s GDP forecast at 6.1 per cent for 2023-24. However, 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.
In India, which accounts for the bulk of the South Asia region, growth is expected to remain robust at 6.3 per cent in 2023-24, India Development Update of the World Bank said.
The World Bank had projected 6.3 per cent GDP growth in its April report as well. India recorded 7.2 per cent growth in 2022-23.
Last month, Asian Development Bank (ADB) marginally lowered India’s growth forecast to 6.3 per cent for the current financial year.
