Driven by strong GDP growth and robust manufacturing and emphasis on building infrastructure, India is on its way to becoming the third largest economy soon and has the potential to add $1 trillion to its GDP every 1.5 years to reach the $10 trillion economy mark by 2032, a new report showed on Saturday.
The country is expected to become a $4 trillion economy in 2024–2025, which would make it the world's fourth-largest economy.
According to a report by IDBI Capital, the country is on track to become a $10 trillion economy by 2032, positioning itself as the world’s third-largest economy by 2030.
"By adding USD 1tn every 1.5 years going forward, India is forecasted to emerge as the third-largest global economy over the next six years," the report noted.
Ten years ago, India was the 10th largest economy in the world, with a GDP of $1.9 trillion at current market prices.
Key initiatives such as "Make in India" are expected to play a pivotal role in bolstering the nation's manufacturing capabilities and positioning India as a global manufacturing hub.
On Thursday, a report by S&P Global projected that India is on track to become the third-largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7 per cent. The country has emerged as the fastest-growing large economy at an 8.2 per cent growth rate in FY24, significantly exceeding the government’s earlier estimate of 7.3 per cent.
As per a recent NITI Aayog document, for India to become a developed nation, it needs to strive to be a $30 trillion economy by 2047 with a per capita income of $18,000 per annum. By then, the GDP would have to grow 9 times from today’s $3.36 trillion and the per capita income would need to rise 8 times from today’s $2,392 per annum, according to the document.
The 21st century can be India’s century, as the country pole-vaults into the future confident of its capabilities. India is the fifth largest economy in the world today. Prime Minister Narendra Modi said this week that India is becoming a major stakeholder in the global supply chain and this growing capacity is the foundation of its economic growth.
Flight operation between Agartala-Delhi to be increased; resumption of flight operation between Agartala-Aizawl, Agartala-Shillong, says MP Biplab Kumar Deb
The former Chief Minister and presently the MP for West Tripura constituency Biplab Kumar Deb on Friday chaired the airport advisory committee meeting here at Agartala MBB Airport and said that there is a plan to increase direct flight operation from Delhi to Agartala.
Tripura: Bill proposes hike in salaries of CM, Ministers and MLAs upto 50pc
An Amendment Bill has been moved in the Tripura Assembly on Friday proposing the increase of salaries, allowances of Ministers, MLAs and former legislators by 45 to 50 per cent.
Winter assembly session begins in Tripura; Governor Indrasena Reddy Nallu lauds Govt’s effort in maintaining law and order in Tripura
In his speech in the sixth session of the 13th Tripura Legislative Assembly, the Governor said, “The state of Tripura is witnessing development in almost every sector including infrastructure, health care, education, agriculture and others under the guidance of the Centre and state leadership.”
TSF stages protest, demands to raise Roman script for Kokborok language in Assembly
The Twipra Student Federation (TSF), a wing of the North East Students Organisation (NESO), on Friday staged a protest near Circuit House in Agartala, demanding the issue of adopting the Roman script for the Kokborok language be raised in the winter session of the Tripura Legislative Assembly, which started today.
Govt to appoint over 400 Assistant Professors in colleges: CM
In a move to provide quality education to students studying in various colleges and to solve the crisis of Professors across the state, the Tripura government has taken a series of steps, including the appointment of 200 Assistant Professors,
Drug peddling: ED raids cop's residence, premises of suspected smugglers in Tripura
The Enforcement Directorate (ED) sleuths on Friday conducted raids in Tripura and searched the residence of a police official and premises of several people allegedly involved in drug peddling and money laundering cases, sources said.
Crucial winter session of Tripura Assembly to begin from tomorrow
The crucial winter session of the Tripura assembly would begin on Friday and a bill would be moved in the House amending the existing law to provide retirement benefits to all MLAs who have served even for just a day, officials said on Thursday.
Ex-CM accuses BJP of divisive politics to mask hide core issues
Former Tripura Chief Minister Manik Sarkar on Saturday criticized the ruling BJP, accusing it of fostering divisions among Hindus, Muslims, Tribals, and Non-Tribals to divert attention from pressing issues such as rising prices, unemployment, and economic hardships.