India $30-trn economy by 2050 possible

New Delhi: India is expected to become a $30-trillion economy by 2050 pushed by robust consumption and exports, HDFC Bank chairman and former economic affairs secretary Atanu Chakraborty said on Wednesday.

International financial institutions have projected India’s growth to be around 6.3 per cent this year and inflation at about six per cent, so nominal GDP would be around 10-12 per cent, he said. “If this kind of pace continues for some year, it will make India a $30-trillion economy by 2045-50 with per capita income of $21,000,” he said at an event organised by KPMG here.

International Monetary Fund (IMF) on Tuesday raised India’s GDP projection marginally by 0.2 per cent to 6.3 per cent even as it slashed the global growth forecast to three per cent. IMF in July had estimated India’s GDP forecast at 6.1 per cent for 2023-24. However, this is lower than the RBI’s latest estimate of 6.5 per cent for the current financial year.