Thursday, 18 July 2024
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EconomyIndia

India’s GDP is predicted to reach $30 trillion

  • Atanu Chakraborty said that India‘s economy would reach USD 30 trillion by 2050.
  • The nominal GDP of India will be between 10 and 12 percent.
  • India’s GDP forecast for 2023–2024 was earlier predicted by the IMF at 6.1%.

Atanu Chakraborty, the chairman of HDFC Bank and a former economic affairs secretary, said on Wednesday that India’s economy would reach USD 30 trillion by 2050, driven by strong exports and consumption.

The nominal GDP of India will be between 10 and 12 percent, he predicted, with international financial institutions projecting the country’s growth to be at 6.3% and inflation to be roughly 6%.

India’s GDP

As per a report by KPMG, India’s economy is anticipated to attain a GDP of USD 30 trillion by 2045-50, with a per capita income of USD 21,000.

The worldwide growth estimate was lowered to 3.5%, but the International Monetary Fund (IMF) increased India’s GDP projection by 0.2% to 6.3%.

India’s GDP forecast for 2023–2024 was earlier predicted by the IMF at 6.1%, which is less than the Reserve Bank of India’s most recent estimate of 6.5% for the current fiscal year.

The World Bank maintained its 6.3% growth prediction for India’s current fiscal year, pointing to the country’s strong service sector despite worldwide challenges. In its April report, the World Bank had forecast GDP growth of 6.3%.

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