India to beat US, China in manufacturing to be $10 tn economy by 2032
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New Delhi: India is poised to add $1 trillion to its GDP every 18 months over the next six years, achieving a rapid economic transformation, said a report by IDBI Capital, The Economic Times reported.
This trend will put the country on track to become a $10 trillion economy by 2032 alongside becoming the world’s third-largest economy by 2030.
The report claimed that India’s rapid economic growth will come mainly from its manufacturing sector which is to contribute 32% to the incremental Gross Value Added (GVA).
It is reported that the ‘Make in India’ initiative, playing decisive role in manufacturing, will turn India into a global manufacturing hub.
The report highlighted the country’s rapid growth stating where it had taken 63 years from 1947 to 2010 to achieve GDP of $1 trillion, the country was $2 trillion economy by 2017 and $3 trillion by 2020.
The Covid pandemic delayed the country from reaching a $4 trillion GDP, pushing it to the end of 2024.
At this rate India is poised to become a $10 trillion GDP between 2024 and 2032, thanks to its performance in manufacturing and export potential helped by government policies such as the Production Linked Incentive (PLI) schemes.
India’s performance in manufacturing will overtake counties like the US, China, Germany, South Korea, and Japan in the Industrial Production Index (IIP).
It is reported that India’s exports will make up 25% of the GDP by 2030, helping the country to be USD 2 trillion by 2030, marking an exponential rise from USD 61 billion in 2000 to a projected USD 776.7 billion by 2024.