Growth rates in these quarters ranged from 4.1% to 8.4%. When economies around the world are in a slump, India’s double-digit growth is particularly impressive. This will improve India’s standing among overseas investors. They will be interested in investing in Indian markets. Such phenomenal figures for the economy had long been predicted. However, one element is that it is less than what the Reserve Bank of India (RBI) estimates.
Prime Minister Narendra Modi has set an ambitious goal of transforming India into a developed country by 2047. On Tuesday, Bibek Debroy, chairman of the Prime Minister’s Economic Advisory Council (EAC-PM), made a significant assessment in this regard. He predicted that the Indian economy would reach $20,000 billion by 2047 if yearly growth rates averaged 7-7.5 percent over the next 25 years. With a GDP of $2700 billion, India is currently the world’s sixth largest economy.
However, the road ahead is still long. Particularly considering the fear that GDP would decrease in the next quarters. In the recent 30 years, India has experienced only a few instances of growth over the 7-7.5 level. In such a situation, we must keep an eye on how the economy will grow in the future.