According to CRISIL, the country’s growth will increase rapidly on the basis of domestic structural reforms and it will become the world’s third largest economy by 2031.

क्रिसिल के मुताबिक देश की ग्रोथ घरेलू स्ट्रक्चरल सुधारों के दम पर तेजी से बढ़ेगी और ये 2031 तक दुनिया की तीसरी सबसे बड़ी अर्थव्यवस्था बन चुकी होगी

In the recent SBI report, it was claimed that poverty has decreased in India. Now in the CRISIL report, based on the country’s fast growth rate, it has been estimated that India can become an upper middle class country by 2031. By that time, the Indian economy is estimated to double to $7 trillion.

According to Crisil, the country’s growth will increase rapidly on the basis of domestic structural reforms and it will become the world’s third largest economy by 2031. In this race it can even exceed its set economic targets

$4500/capita income in 2031
CRISIL India Outlook report says that after increasing to 7.6 percent in 2023, India’s growth rate may reach 6.8 percent in 2024-25. But by 2031, India’s average growth rate of 6.7 percent can take the per capita income to the upper middle class category and then the per capita income in India can increase to $ 4,500. According to the definition of the World Bank, the per capita income in lower-middle income countries is between 1 thousand to 4 thousand dollars, while the per capita income in upper-middle income countries is between 4 thousand to 12 thousand dollars

The magic of manufacturing sector will work
The contribution of manufacturing sector in India’s progress has increased tremendously. The main reasons for this include high capacity utilization, diversification of global supply chains, emphasis on investment in infrastructure sector, rapid steps towards green sector and strong balance sheets of lenders. In such a situation, CRISIL believes that due to continuous reforms, increasing global competition and progress in the value chain, the share of manufacturing sector in the country’s GDP can increase to more than 20 percent in 2031.

Economy will run on the strength of these sectors
Other sectors which will play a big role in the growth of Indian economy in future include: Electronics, Electric Vehicles, Energy Transition Intensive. Whereas manufacturing and services sectors will continue to play the largest share in India’s growth till 2031. Domestic and global demand will continue to provide opportunities to strengthen both of them. According to CRISIL, between 2025 and 2031, the manufacturing sector is expected to grow at 9.1 percent and the services sector will grow at 6.9 percent

GDP will double in 7 years
CRISIL says that with this, India’s GDP will increase from the current size of $3.6 trillion to $6.7 trillion by 2031 in the coming 7 years. However, on this growth path, geopolitical tensions, uneven global recovery, climate change and technological breakers will continue to come in the way of progress.

According to Crisil, India’s GDP is expected to grow by 6.8% in the next fiscal and become an upper middle-income nation by 2031. This means that India’s economy is expected to double to $7 trillion by 2031

The World Bank defines upper-middle income countries as those with per capita income between $4,000–12,000. In 2022, India’s per capita GDP was $2,390, which means that the country would need a per capita income of $4,466–$13,845 to become an upper-middle-income economy

Yes, according to a Finance Ministry report, India can become a $7 trillion economy by 2030. The report also states that India’s economy is expected to grow over 7% in the coming years

The report also states that India’s resilient domestic demand has been a key driver of its growth. It also states that becoming a $7 trillion economy by 2030 would be a significant milestone in the journey to delivering quality of life and standard of living that match as well as exceed the aspirations of Indians

Yes, India is the world’s fifth largest economy by nominal GDP. In 2024, the top five economies in the world are the US, China, Japan, Germany, and India

GDP, or Gross Domestic Product, is a metric of a country’s economic output. It’s measured by the total value of all the goods and services produced during a period. A higher GDP indicates that the country is financially strong and growing at a stable rate

The United States of America, China, Japan, Germany, and India are the largest economies in the world in 2024, as per their GDP data. GDP serves as a key metric for assessing the magnitude of a nation’s economy. The conventional approach for gauging a country’s GDP involves the expenditure method, wherein the total is derived by aggregating expenditure on fresh consumer goods, new investments, government outlays, and the net value of exports

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