Over the next 10-20 years, India will be the fastest growing of the big economies: Expert
People who have not thought about India's growth in terms of business and other sectors will miss the point about where the world is at this point in time, Financial Times chief economics commentator Wolf Martin has said.
Despite global headwinds like the energy crisis in Europe and the fast-changing geopolitical scenario, India will continue to be the fastest-growing major economy worldwide over the next two decades, Financial Times chief economics commentator Wolf Martin has said.
Speaking at the World Economic Forum's session in Davos, Martin said: "It underlines a view of how quite a long time, but obviously I have followed India for a long time since the 70s, and it underlines what I think is a very important point is that over the next 10-20 years, it is overwhelmingly certain that India will be the fastest growing of the big economies and its very big."
He also said that people who have not thought about India's growth in terms of business and other sectors would miss the point about where the world is at this point in time.
"So, I think anybody who hasn't in business and in other areas, though very, very seriously about what India will mean, is really missing the point about where we are in the world. I think by now most people have got that, but I think we have brought this out very, very clearly in this payment platform which I know is an extraordinary thing," Martin added.
A day ago, US multinational firm Honeywell was optimistic about India's growth and stated that it is well poised to drive global growth this year.
"We are very optimistic about India. We have been present in India for a very long time and have a strong presence with well over 12,000 employees. What is more exciting about India for me in recent times is it has a convergence of a wonderful set of infrastructure projects, which are really helping the country move forward. India has many innovative companies - both big and small. The start-up environment is really strong. All of that leads to excellent economic output for the country in the long-term," Ben Driggs, President of Global High Growth Regions, Honeywell said in a conversation with the Editor of Business Today Television.
Global consultancy firm EY has announced its growth projection for India and estimated the Indian economy will reach a GDP size of $26 trillion by 2047, the 100th year of India’s independence.
The per capita income is expected to increase to $15,000, putting the country among the ranks of developed economies, said EY.
The report -- 'India@100: Realising the potential of a $26 trillion economy' -- was launched by Ashwini Vaishnaw, Railway and IT Minister, on the sidelines of the World Economic Forum.
India's apex bank, the Reserve Bank of India (RBI), has stated that India's economy has witnessed improvement in macroeconomic stability due to the slowing down of inflation. In its monthly bulletin released on January 19, it said that the real GDP growth might decelerate from seven per cent in 2022-23 to 6.5 per cent in 2023-24.
It further added that, as per IMF’s calculations, the Indian economy will move into fourth place in 2025 and third place in 2027 as a $5.4 trillion economy.