Crisil Ratings predicts India’s economy to expand by 6.8% in FY25, with significant growth potential driven by domestic reforms and cyclical factors. By 2031, India aims to double its economy to $7 trillion and achieve upper-middle-income status.
GDP Growth Trajectory :
* India’s GDP growth expected to moderate to
6.8% in
FY25 from the current fiscal year’s
7.6%.
* Structural reforms and cyclical levers to support continued growth, potentially positioning India as the third-largest economy by
2031.
Economic Outlook :
* IMF projects India to reach
$5 trillion economy by
2027-28.
* India, presently the fifth largest economy globally, aims for
$7 trillion GDP by
2031, elevating it to upper-middle-income status.
Per Capita Income Projection :
* By fiscal 2031, India’s economy anticipated to reach
$6.7 trillion, raising per capita income to
$4,500.
* This transformation would align India with upper-middle-income countries as defined by the
World Bank, marking a significant economic milestone.
Published On : March 7, 2024
Category : Indian Economy