The pace of the country’s economy is continuously increasing. From the World Bank to the IMF and all the brokerage firms of the world are expressing confidence in the Indian economy. Now the latest estimate that has come out is very interesting. According to a report by IDBI Capital, India is expected to have an economy of 10 trillion dollars i.e. Rs 83,48,04,50,00,00,000 crore in the next six years. According to the report, India’s manufacturing sector will leave behind the US, China, Germany, Japan and South Korea. Let us also tell you what kind of information is provided in the report.
A $1 trillion economy in a year and a half
According to the IDBI Capital report, $1 trillion will be added to India’s GDP every 18 months, which is a symbol of rapid economic transformation. With this momentum, the country is on track to become a $10 trillion economy by 2032 and establish itself as the world’s third-largest economy by 2030. The report states that by adding $1 trillion every 1.5 years, India is projected to emerge as the world’s third-largest economy in the next six years. The report highlights that India’s growth will be driven primarily by the manufacturing sector, which is estimated to contribute 32 per cent of the GVA. Major initiatives in the country such as “Make in India” are expected to play a major role in increasing manufacturing capacity and establishing India as a global manufacturing hub.
This is how the country’s GDP increased
In this report, about India’s economic expansion, it was said that it took 63 years for the country to reach a GDP of $1 trillion. While in the next 7 years, the country’s GDP saw an increase of $1 trillion and the country’s GDP reached $2 trillion in 2017. In the next three years, the country’s GDP saw an increase of another $1 trillion. After that, the country’s GDP and economy reached $3 trillion in 2020. Which shows the rapid increase in development in the last decade. However, according to the report, due to the Covid-19 pandemic, there was a slight delay in the country’s GDP reaching $4 trillion which should have been achieved by 2024. India is now poised for rapid growth in the coming years.
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It will be number 1 in the manufacturing sector.
Between 2024 and 2032, India is projected to reach a GDP of $10 trillion due to strong demand in the manufacturing sector, strong export potential and government policies such as production-linked PLI schemes. The report also says that India will be on top of the global economy in the manufacturing sector by beating countries such as the US, China, Germany, South Korea and Japan in the Index of Industrial Production (IIP). The report says that India will overtake all the top five economies in manufacturing IIP… the US, China, Germany, South Korea and Japan… India has the potential to grow on similar lines with the support of policy reforms and a favourable business environment.
India will also break records in exports
The report also highlights India’s growing export potential, estimating that the country’s exports will account for 25 per cent of GDP by 2030, reaching US$2 trillion. India’s exports in 2000 were US$61 billion and may reach US$776.7 billion by 2024. The report says India’s manufacturing and export growth is driven by several key factors, including rising domestic demand fuelled by rising disposable incomes, global restructuring of supply chains, significant export potential and a favourable financial environment. With growing public and private capital expenditure, coupled with a favourable demographic dividend, India is well positioned to emerge as a global economic powerhouse.
