Virendra Pandit
New Delhi: India is likely to become a USD 30-trillion economy by 2050 because of its robust consumption and booming exports, HDFC Chairman and former Economic Affairs Secretary Atanu Chakraborty said here on Wednesday.
International financial institutions, such as the World Bank and the International Monetary Fund (IMF), have projected India’s growth at around 6.3 percent this year (2023-24) and inflation at about 6 percent. So, nominal GDP would be around 10-12 percent, he said.
India recorded an impressive 7.2 percent growth in 2022-23.
Addressing a KPMG event, Chakraborty said “If this 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.”
The IMF, which had estimated India’s GDP forecast in July at 6.1 percent for FY24, revised it upwardly on Tuesday to 6.3 percent while it slashed the global growth forecast to just 3 percent. However, this is lower than the RBI’s latest estimate of 6.5 percent for the current financial year.
Last week, the World Bank retained India’s growth forecast at 6.3 percent for 2023-24 on the back of robust service activities, despite global headwinds.
According to the World Bank’s Development Update, the growth in India, which accounts for the bulk of the South Asia region, is expected to remain robust at 6.3 percent in 2023-24, the same it projected in its April report as well.
In September, the Asian Development Bank (ADB) marginally lowered India’s growth forecast to 6.3 percent for the current financial year.