India to be $30 trillion economy by 2050 with per capita income of $21,000: HDFC Bank chief Atanu Chakraborty
₹98,374 in 2022-23. This is equivalent to around $1,183. The economy is on the path to hit the $5 trillion mark in 2027, aided by financial sector development and strong demographic advantage, Reserve Bank of India (RBI) Deputy Governor Michael D Patra said last month.
Barclays Plc, in a note issued on October 10, suggested that India requires to grow at around 8 percent annually for a sustainable period to oust China as the global economic driver. For growing at this speed, the country needs investment in areas such as mining, utilities, storage and transport, it said. Meanwhile, the International Monetary Fund (IMF), in its World Economic Outlook (WEO) report released on October 10, raised the FY24 growth forecast for India from 6.1 percent to 6.3 percent.
The upward revision reflects the “stronger-than-expected consumption during April-June", it said. Last week, the World Bank retained India's growth forecast at 6.3 per cent for the current financial year on the back of robust service activities despite global headwinds. In India, which accounts for the bulk of the South Asia region, growth is expected to remain robust at 6.3 per cent in 2023-24, India Development Update of the World Bank said.
The World Bank had projected 6.3 per cent GDP growth in its April report as well. India recorded 7.2 per cent growth in 2022-23. Last month, Asian Development Bank (ADB) marginally lowered India's growth forecast to 6.3 per cent for the current financial year."Exciting news! Mint is now on WhatsApp Channels
. Read more on livemint.com
