India's $55 Trillion Economy Target Ambitious, But Achievable: IMF Executive Director
NDTV
Last month, the IMF raised India's GDP growth forecast for 2024-25 to 7 per cent from 6.8 per cent earlier on the back of "improving private consumption, particularly in rural India."
India's economy is projected to grow to $55 trillion by 2047 if the country is able to register an average real growth rate of 8 per cent in the coming years which is an ambitious but achievable target, IMF executive director Krishnamurthy V Subramanian has said.
Speaking at a media event in New Delhi, he said that 8 per cent is achievable, given the country's demographics and Government policies that have been implemented to drive up the growth rate over the past 10 years like the public digital infrastructure, innovation and entrepreneurship.
"If you take entrepreneurship, World Bank data shows that new firm creation surged from 2014 onwards. As a result, India has the third-largest entrepreneurial ecosystem in the world, which will help with the productivity growth in the formal sector," he said.
