India is expected to become a US$ 30 trillion economy by 2050: Mr. Atanu Chakraborty

Strong exports and consumption are likely to push India's economy to a US$ 30 trillion gross domestic product (GDP) by 2050, according to Mr. Atanu Chakraborty, the Chairman of HDFC Bank and Former Economic Affairs Secretary.

According to international financial institutions, India's nominal GDP will be between 10-12% this year, with growth expected to be at 6.3% and inflation at roughly 6%.

At a KPMG-hosted event, Mr. Atanu Chakraborty said, "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 US$ 21,000."

The International Monetary Fund (IMF) reduced its forecast for global growth to 3% but increased India's GDP projection by 0.2% to 6.3%.

India's GDP was projected by the IMF to grow by 6.1% for 2023-24 in July. This, however, is lower than the Reserve Bank of India’s estimate of 6.5% for the current financial year.

Despite global headwinds, the World Bank last week maintained India's growth prediction for the current fiscal year at 6.3% due to the country's strong service sector.

Growth in India, which makes up the majority of South Asia, is predicted to continue to be strong at 6.3% in 2023-24, according to the World Bank's India Development Update.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.