According to a forecast released on Friday by Standard Chartered Bank Research, India’s GDP would nearly double over the next seven years to $6 trillion, and per capita income will rise to $4,000 by 2030.
India’s GDP is now estimated to be $3.5 trillion, and its projected CY 2022 per capita income is $2,450.
The research stated that while the story of India becoming the third-largest economy by the end of the decade is well-known, the story of its possible transition from a lower-middle-income economy to an upper-middle-income one is less well-known.
Consistent policy reforms, macroeconomic stability, a strong banking sector, a sizable portion of the population in the labor force, digitalization, political stability, and a push for public capex were also listed as India’s growth drivers.
The report also predicted that by 2030, a number of states will likely be far wealthier than the nation as a whole, and family consumer expenditure may be comparable to India’s present GDP levels.
These comprise, among others, the states of Telangana, Delhi, Karnataka, Haryana, Gujarat, and Andhra Pradesh.
“We believe more measures to address job creation, infra gap, income inequality, and climate challenges could further boost India’s growth prospects,” the statement continued.
The United Nations estimates that between 2005–2006 and 2019–2021, a total of 415 million Indians were able to escape poverty.
The United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford published the most recent update of the global Multidimensional Poverty Index (MPI) earlier this month. It stated that 25 countries, including India, had successfully reduced their global MPI values by half within 15 years.
By 2030, the demand for consumer durables will rise, especially as digitalisation efforts are stepped up, according to Standard Chartered Bank Research. At the same time, the industrial base is expected to grow as the demand outlook does.
The report stated that “political stability and reforms have created a conducive environment for sustaining growth.”
