Atanu Chakraborty, chairman of HDFC Bank, shared his projections for India's economy on Wednesday, forecasting a surge to $30 trillion by 2050. This growth is expected to be fueled by robust consumption and exports. His comments were made during a KPMG event where he outlined the potential for a per capita income of $21,000 in India by 2045-50, given the current pace of growth.
The International Monetary Fund (IMF) recently revised its GDP projection for India upward to 6.3%, even as it reduced its global growth forecast to 3%. This coincides with the outlook from other international financial institutions that anticipate India's annual growth rate at approximately 6.3%. The inflation rate is projected to hover around 6%, suggesting a nominal GDP increase of between 10-12%.
The Reserve Bank of India (RBI), meanwhile, has set its growth estimate for the current fiscal year slightly higher at 6.5%. This follows the reported 7.2% growth in the fiscal year 2022-23.
Despite global economic challenges, the World Bank has maintained its growth forecast for India at 6.3%, attributing this stability to robust service activities. This assessment aligns with their April report and their India Development Update.
On the other hand, the Asian Development Bank (ADB) has marginally lowered its growth forecast for India to 6.3% for this fiscal year. However, it acknowledged strong growth within the South Asia region overall.
It's worth noting that these estimates and forecasts are based on current economic indicators and trends, and could potentially be influenced by unforeseen global or domestic events.
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