Country's GDP will be $10 trillion by 2032, America, China, Germany, Japan will be left behind in IIP
Indian Economy: India's economy is moving ahead in a solid manner. The country's GDP is estimated to be $10 trillion by 2032. In terms of industrial production, the country can also beat nations like America, China, Germany, and Japan.
It will reach $10 trillion by 2032. It will add one trillion dollars every 18th month for the ensuing next six years. India will emerge as the third-biggest economy by 2030, said IDBI Capital in a report on Saturday.
According to the report, the rapid growth in the country would be principally on the strength of the manufacturing sector. This sector can contribute as much as 32 percent to GVA. Major initiatives such as Make in India are expected to play an important role in increasing the country's manufacturing capabilities and making India a global manufacturing hub.
The report said the growth of the economy had been delayed due to a coronavirus epidemic, therefore extending reaching the four trillion dollar mark by the end of 2024, but now it is ready for fast growth in coming years.
The report has mentioned that India will leave behind countries such as the US, China, Germany, South Korea, and Japan in regard to the Index of Industrial Production, thereby surpassing leading global economies in the field of manufacturing.
