India’s economy is poised to reach a $30 trillion gross domestic product (GDP) by 2050, driven by robust exports and consumption, as highlighted by Mr. Atanu Chakraborty, Chairman of HDFC Bank and Former Economic Affairs Secretary. International financial institutions anticipate India’s nominal GDP to grow between 10-12% this year, with a 6.3% growth rate and inflation around 6%.
Mr. Atanu Chakraborty, speaking at a KPMG-hosted event, stated that if this momentum persists, India could become a $30 trillion economy by 2045-50, boasting a per capita income of $21,000.
The International Monetary Fund (IMF) adjusted its global growth forecast to 3% while increasing India’s GDP projection by 0.2% to 6.3%. In July, the IMF had projected India’s GDP growth at 6.1% for 2023-24, which falls slightly below the Reserve Bank of India’s estimate of 6.5% for the current fiscal year.
Despite global economic challenges, the World Bank maintained its growth projection for India at 6.3% for the current fiscal year, mainly attributing this resilience to India’s strong service sector. The World Bank’s India Development Update predicts continued robust growth in India, constituting the majority of South Asia, with a 6.3% growth rate for 2023-24.
