India's GDP will be 55 trillion dollars by 2047, India's executive director at IMF said this
GDP: The Indian economy grew at a better-than-expected 8.4% rate in the last three months of 2023. This is the fastest pace of GDP growth in the last one and a half years. Based on the growth rate in October-December, the growth rate estimate for the current financial year has been increased to 7.6%.
Up until 2047, the Indian economy can expand at a rate of 8%. By this time, India's economy could grow to be worth 55 trillion dollars if current trends continue. The International Monetary Fund (IMF) executive director for India, Krishnamurthy Venkata (KV) Subramaniam, stated on Thursday that the country can only achieve this if it accelerates reforms and doubles down on the successful policies that have been put in place over the previous ten years. Although India has not historically been able to grow at this rate, Subramaniam stated that the 8% growth rate is ambitious but doable.
In the final three months of 2023, the Indian economy expanded at a faster-than-anticipated 8.4% annual rate. In the past 1.5 years, this GDP growth rate has been the fastest on record. Based on the growth rate in October-December, the growth rate estimate for the current financial year has been increased to 7.6%.
India's executive director at the IMF also said that reforms are needed in the land, labour, capital and logistics sectors. Reforms in the manufacturing sector are necessary. Along with this, we will also have to focus on reforms in the banking sector to provide loans to the manufacturing sector.
Subramaniam said, historically since 1991, India's average economic growth rate has been a little more than 7%. India needs to strengthen its economy as about 58% of the country's GDP comes from domestic consumption. So, you know...we have the capability. If we can create enough jobs by encouraging the manufacturing sector, it will lead to much higher consumption.
