Indian Economy to be $10 Trillion by 2035: CBER Report
28 Dec 2022 11:23:10
New Delhi, Dec 28: India will become the third economic superpower by 2037 and a $10-trillion economy by 2035, the Centre for Economics and Business Research (CEBR), a leading London-based consultancy, has said. Published on Monday, the report said the world is moving toward recession.
However, over the next five years, the annual rate of India's GDP growth is expected to average 6.4%, after which it is expected to grow at an average of 6.5% in the subsequent nine years.
"This growth trajectory will see India rise from fifth place on the World Economic League Table in 2022 to third in the global rankings by 2037," it said. According to the report, the pandemic had a particularly devastating effect in absolute terms and India had the third highest death toll globally, yet the economy bounced back. "In 2035, we forecast that India will become the third $10-trillion economy. Although there are political factors that could hold India back, it has demographics on its side," the report said. The report also played down concerns over high inflation, saying it has remained lower than in most other large economies.
Much of India's current inflation rate reflects higher food prices, an erratic item but one that also accounts for a larger share of the consumer basket than in any other G20 country, CEBR added.