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Nation's real GDP to touch $2.5 tn by 2021
- A study on “Growth Prospects of Indian Economy: Vision 2021, Trillion dollar growth opportunities” conducted by PHD Chamber Research Bureau said that (over the next 10 years by 2021 from the current level) :
- real GDP is expected to touch USD 2.5 trillion from the current level of around USD 1 trillion
- real GDP growth is expected to moderate at around 7.4 percent-7.7 percent in FY2012
- Exports of goods and services are projected to expand to USD 1500 bn
- average current account deficit would be less than (-)1 percent of GDP.
- average WPI inflation is projected to remain within 5-6 percent trajectory,
- gross fiscal deficit is estimated to remain within 3-4 percent of GDP
- real per capita income is estimated to double by 2021 from the current level of USD 900 to USD 1800.
- The real GDP growth during 1990s and 2000s was 5.7 percent and 7.3 percent, respectively, said the study.
- Despite the fact that the slowdown in the advanced economies coupled with domestic economic challenges like high inflation, high borrowing costs, and slowdown in industry scenario have strained the growth momentum in the near term, India has emerged a leading economy in the world economic system
- Going ahead, India’s so called “demographic dividend” would place it among the high growth fast moving economies in the global economic order. India will grow at double-digit growth rate by the later part of 12th Five Year Plan
- India will be spending around 9-10 percent of GDP on infrastructure during the 12th Plan period as compared with 7-8 percent of GDP in the 11th Plan period
