There is no break for India, economy will be Rs 580 lakh crore in 7 years - Newztezz Online

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Wednesday, March 6, 2024

There is no break for India, economy will be Rs 580 lakh crore in 7 years


According to CRISIL report, after a better than expected 7.6 percent growth in the current financial year, India's real GDP growth is expected to moderate to 6.8 percent in the financial year 2024-25. Also, the country's economy can reach 7 trillion dollars by 2031.

Looking at the pace of India's economy, no one can say that the world is in the grip of recession. Everyone is looking dwarf in front of this speed. Be it China or America. European countries are not visible anywhere. Due to the projections coming out regarding the future of India, a different kind of enthusiasm is being seen in the country.

A few days ago, Moody's had said in its estimate that the pace of the country's economy could be 7 percent. Now the estimate that has come is from CRISIL. Which has kept its estimate for the current financial year at 6.8 percent. CRISIL believes that by the year 2031 the country will become a high middle income country. Besides, the size of India's economy will also be more than 7 trillion dollars i.e. 580 lakh crore rupees.

CRISIL Ratings in its 'India Outlook' report said the Indian economy will be supported by domestic structural reforms and cyclical conditions and can sustain and improve its growth prospects to become the third largest economy by 2031. . According to this report, after a better than expected 7.6 percent growth in the current financial year, India's real GDP growth is expected to moderate to 6.8 percent in the financial year 2024-25.

What will be the economy in 7 years?

The report says that in the next seven financial years (2024-25 to 2030-31), the Indian economy will cross the five trillion dollar mark and reach close to $7 trillion. Crisil said that the estimated average growth of 6.7 percent during this period will make India the third largest economy in the world and by 2030-31 its per capita income will also reach the upper-middle income group. India is currently the fifth largest economy in the world with a GDP of $3.6 trillion. Ahead of this are America, China, Japan and Germany.

What is a high middle income country?

CRISIL expects that the size of the Indian economy will reach $6.7 trillion by the financial year 2030-31. By that time the country's per capita income will also increase to US $ 4,500 and India will join the group of upper-middle income countries. According to the World Bank definition, upper-middle income countries are those with per capita income between US$4,000-12,000. CRISIL Managing Director and CEO Amish Mehta said that by financial year 2030-31, India will be the third largest economy and upper-middle income country, which will be a big positive side for domestic consumption.

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