India targets $30 trillion economy by 2047
- India's GDP is expected to grow by $1 trillion every 12 to 18 months until 2047.
- Urbanization will drive significant market expansion, leading to a projected 70% contribution to GDP from urban areas by 2036.
- With a growing middle class and industrial advancements, India aims to become a $30 trillion economy by 2047.
India is on track to become the fourth largest economy in the world by 2025. This rapid growth is complemented by a strong prediction that the country will add approximately $1 trillion to its GDP every 12 to 18 months until 2047. Urbanization and infrastructure development are pivotal factors driving this growth, as cities are expected to contribute around 70% of India's GDP by 2036. The anticipated influx of 597 million new middle-class individuals by 2040 will significantly increase consumer spending, reportedly accounting for over 75% of expenditure growth and reducing poverty levels. Additionally, India's capital markets have experienced rapid expansion owing to robust domestic investments and supportive government policies. Industries poised for extraordinary growth include automotive, healthcare, chemicals, and tech. The Indian automotive sector, for instance, is set to enhance its production capacity and sales figures significantly, potentially becoming a crucial player in the global automotive supply chains. In healthcare, the sector is expected to grow to a USD 800 billion market by 2030, propelled by robust infrastructure development in smaller cities. Moreover, the government is keen on advancing the semiconductor industry to build a self-sustaining ecosystem within the country. This initiative aligns with India's ambition to reduce dependence on imports and emerge as a global player in the semiconductor market, which it aims to reach a valuation of USD 150 billion by 2030. Technology is anticipated to contribute nearly 20% to India's GDP by 2030, emphasizing a shift towards modern industries over traditional sectors like agriculture. The combination of these factors—urbanization, capital market growth, middle-class expansion, and diversified industrial advancements—will likely lead India to achieve its economic goals. Consequently, the country is not only focusing on achieving short-term economic gains but establishing itself as a robust global economic powerhouse by the middle of the 21st century.