India poised to become $10 trillion economy by 2032: Report

India is set to emerge as the third-largest economy in the world within the next six years, says report

According to a report released on Saturday by IDBI Capital, India is on a robust trajectory to become a $10 trillion economy by 2032, bolstered by strong GDP growth, a thriving manufacturing sector, and significant infrastructure development.

The report projects that India will reach a $4 trillion economy by 2024-2025, making it the world’s fourth-largest economy. It forecasts that the nation could add $1 trillion to its GDP every 1.5 years, positioning itself as the third-largest global economy by 2030.

“By adding $1 trillion every 1.5 years, India is set to emerge as the third-largest economy in the world within the next six years,” the report states. Notably, just a decade ago, India was the 10th largest economy, with a GDP of $1.9 trillion.

Key initiatives like “Make in India” are expected to significantly enhance the nation’s manufacturing capabilities significantly, aiming to establish India as a global manufacturing hub. A recent report from S&P Global also supports this outlook, projecting that India will become the third-largest economy by fiscal year 2030-31, driven by an annual growth rate of 6.7%. India has already emerged as the fastest-growing large economy, achieving an 8.2% growth rate in FY24, surpassing earlier government estimates of 7.3%.

According to a recent document from NITI Aayog, India must aim for a $30 trillion economy by 2047, with a per capita income of $18,000 to achieve developed nation status. This would require the GDP to grow ninefold from its current $3.36 trillion, and the per capita income to increase eightfold from today’s $2,392.

As India stands today as the fifth-largest economy globally, Prime Minister Narendra Modi remarked this week that the country is becoming a key player in the global supply chain, underscoring this growing capability as a foundation for its economic expansion. The 21st century is being heralded as India’s century, as the nation confidently strides into a promising future.

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