Economy: Indian economy is growing at the fastest pace despite various global challenges. In the next five years i.e. by 2027, India can become the third largest economy in the world after the US and China. Chetan Ahya, Chief Economist (Asia) at Morgan Stanley said in an article that the Indian economy has immense potential in terms of opportunities and size.
He said the size of India's GDP will more than double in the next 10 years to $ 85 trillion. Its size is now $ 3.4 trillion. The special thing is that India's GDP will grow by more than $ 400 billion every year. Only America and China will be ahead in this matter. By 2032, the capitalization of the Indian market will increase from $34 trillion to $11 trillion and will be the third largest in the world.
India close to the East Asian model
India is making efforts to increase manufacturing exports. The new factories will create more jobs in the organized sector. Productivity will increase. The change in India's policy approach is taking it closer to the East Asian model of leveraging exports, increasing savings, and investing from it.
So domestic GDP will pick up the pace
Chetan said that due to the influence of favorable domestic and global conditions, the Indian GDP will move at a faster pace on the path of growth.
India has made extensive changes in domestic policies to increase investment and employment. This will increase manufacturing exports.
The introduction of GST helped in making India a unified domestic market.
Corporate tax cut to encourage investment. PLI scheme launched. This is helping in getting investments from within and outside India's borders.
India has emerged as a multipolar world. It is becoming a preferred investment destination for foreign investors, with companies diversifying their supply chains.
The population of working-age youth in India is continuously increasing.
Digitization is growing at a rapid pace.
India's real growth rate will average 6.5% in the coming decade. During this period, China's GDP will grow at a rate of 3.6%.
The work which was done in 31 years is now possible in 7 years
India is entering a phase where incomes will grow at a rapid compounding rate. After 1991, it took 31 years for India to bring its GDP to $3 trillion. Now it will take just 7 years to add $3 trillion. This rate will be important for global investors.
investors eye
In the next decade also, the US and China will remain equally important for global investors, Chetan said. We feel that the upliftment of the Indian economy will also be reflected more prominently in the minds of investors.
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