Read these 10 History Based Facts and know how would be Indian Economy in Coming 10, 20, and 30 Years.
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The Indian economy has astonished top economists across the globe. While Western countries are severely affected by inflation and recession, India continues to grow at a steady pace. It has been one of the fastest-growing nations for several years. It may soon overcome some major challenges to become the third-largest economy in the world!
There are issues affecting common people, but overall growth is pretty robust. India got the manpower and expertise required to produce top-end products for consumers across the globe. Many top brands are setting up their production facilities in India. There will be better jobs, higher payouts, and faster growth in future. Let’s reveal 10 interesting facts about the Indian economy in coming years to find out how India may become the third-largest economy in the world.
Morgan Stanley has projected India’s real growth to be around 6.5% in the next decade. That statement may come true because of some major policy changes brought up by the Indian government. There will be a consistent rise in capex and manufacturing. The export market share may also rise by 4-4.5% in the next eight years.
Morgan Stanley has projected that the per capita income in India may go beyond $5,200 in the next ten years. It will hugely influence the consumption basket and India may become the third largest economy by 2043. The American multinational investment bank predicts the Indian economy in next 10 years may cross a $8 trillion milestone!
The eurozone recession is affecting many European countries. Germany is one of them and inflation may keep hurting people in this region. India is set on a course to surpass the German and Japanese economies by 2027. Ridham Desai, who is the Chief Equity Strategist for India at Morgan Stanley, has made that prediction.
Experts believe India’s GDP will be around $7.5 trillion after 2030. It is $3.5 trillion today, but things are changing rapidly in the Indian subcontinent. India can be the best place to produce top-quality goods if companies decide to leave China. The Indian government is already providing training programs and facilities to produce skilled workers. The young Indian population will not miss any opportunity of earning and growing rapidly.
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The Indian economy has often run into troubles after growing strongly for 3-4 years. Increased imports, high inflation rates, expensive currency, etc. are some issues that have frequently affected the Indian economy. Those problems may not influence the Indian economy in next 5 years.
We have sound economic policies. Now, the country has world-class infrastructure and digital transformation is also a key growth factor. Indian economy got everything it takes to sustain long-term growth. Venkatramanan Anantha Nageswaran (the Chief Economic Advisor) believes the Indian economic machine can run for 10-15 years without overheating. The growth rate will be much higher than it is now and it will benefit all citizens.
The Indian government supports entrepreneurship. The startup ecosystem is growing rapidly because of a consistently growing talent pool, government support, and easy access to capital. New businesses can significantly boost India’s manufacturing capacity. Increased share in global manufacturing will draw more companies to India.
India is on global investors’ radar because of the growth country has shown in the last few years. Seasoned economists believe India will have annual economic output growth of $400 billion from 2023. The Indian economy in next 20 years can double that annual economic output growth!
The leading business organizations have outsourced services, such as customer service and software development to India since the dawn of the 21st century. The Indian IT sector has been a key contributor to the country’s GDP. It is expected to account for 10% of the total GDP by 2025.
Offices were shut during the pandemic and millions of people worked from home. Indian employees delivered top-end solutions during that period. It encouraged companies to adopt distributed work models. People got fast internet and top-end devices to work remotely. India may become the back office of the world if that trend continues.
Companies are leaving China because of cost increases, supply issues, and conflicts with top economies of the world. Global brands are moving to friendlier shores and India may provide everything companies demand. Indian economy in 2030 may get much bigger because it may become the new factory in the world. Investment incentives, corporate tax cuts, and better infrastructure will drive more capital investments in the country.
Multinational companies seem buoyant about investing in India. The government is consistently improving infrastructure to move goods smoothly across the country. State governments are ready to offer land for factories. There is no shortage of skilled labours and those labours can significantly boost the manufacturing capacity of big companies. A report suggests that the manufacturing sector’s share of India’s GDP may go beyond 21% by 2031.
The country laid the foundation for a digital economy almost 10 years ago. The government launched a national ID program, known as “Aadhaar”. It created biometric identities for all citizens and it became a proof of residence for all Indians. It digitized financial transactions and delivered the benefits of government schemes directly to beneficiaries.
Aadhaar is a part of the IndiaStack program. It is changing the way people access healthcare, spend, and borrow money. This program can lower credit costs. It will be much easier for citizens to access loans. Interest rates may go down and small businesses can invest more in growth. Easy access to credit will make the Indian economy grow faster. The current credit-to-GDP ratio is 57% and it may go up to 100% by 2034.
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The middle-class accounts for 31% of the Indian population. It is the fastest-growing segment of the population and it will account for 38% of the country’s population by 2031. Major businesses produce products for middle-class residents in the country. The Indian economy in 2023 is the fifth largest in the world because of the middle class.
People, who earn 5 lakh rupees to 30 lakh rupees per year have significant disposable income. The income distribution is going to flip in the next decade. The overall consumption is going to be around $5 trillion by 2030. Apparel, recreation, leisure, and household goods selling companies will benefit from the increased purchasing power.
The Indian economy in PPP terms accounted for 7.2% of the global economy in 2022. The economic development occurred rapidly within the last five years because of easy access to energy. The Indian government has electrified more than 600,000 villages. It had a huge impact on education, communication, productivity, and commerce. The quality of life has significantly improved in the country.
India majorly relies on fossil fuels, but the government is investing heavily in renewable energy sources. Many wind, solar, ethanol, hydroelectric, and hydrogen power plants are being established across the nation. It will reduce India’s reliance on non-renewable energy sources and attract companies investing in renewable energy projects.
The current Indian government is committed to equipping the country with a world-class infrastructure. The infrastructure sector is believed to be the catalyst for rapid economic growth. Many ongoing projects are connecting villages, cities, and major economic areas to move goods more rapidly.
The Indian infrastructure sector may grow at a compound annual growth rate of 8.2% by 2027. The government has already allocated rupees 10 lakh crore in the 2022-23 union budget. It will spend more to build better roads for smoother transportation of goods.
A: The Indian economy in 2014 rank was 10 and today it is the 5th largest economy in the world.
A: It may seem like the Indian economy is in trouble due to population density, payment deterioration, poverty, and inflation, but those issues are affecting many other countries. Economic reforms can resolve most of those issues over the next decade.
A: The services sector is the biggest contributor to India’s GDP?
A: Taxes collected from various sources increase the government’s capacity to spend money on the overall development of a country.
Conclusion
Experts have made many predictions about the Indian economy in coming years. Most of the world’s leading economists believe India is poised to become the 3rd largest economy in the world. It will not only benefit Indians but also people across the globe.
Governments across the country are trying to attract investors and create new means of employment for common people. New jobs will increase consumer spending and boost local economies.
Finance Minister Nirmala Sitharaman presented the budget for 2024. Giving relief to the general public, the government has also reduced the customs duty on smartphones and mobile phone chargers to 15%. This means that it will now be cheaper to buy a new phone.
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