S&P Global raises India’s GDP growth forecast for FY25 to 6.8%
The growth projection for the current fiscal is lower than the Reserve Bank of India (RBI) and government’s projection of 7 per cent.
India’s economy will attain the size of USD 34.7 trillion by 2047 with per capita income of USD 21000, projects industry body PHD Chamber of Commerce and Industry (PHDCCI) in its latest report.
The Indian economy is displaying robust growth post Covid pandemic despite continued global headwinds, the industry body said.
The PHD Research Bureau, PHD Chamber of Commerce and Industry released its report, “Viksit Bharat@2047″: A blueprint of micro and macro economic dynamics” on Wednesday.
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“At a disaggregated level, each sector of India’s economy will bolster the economy on the path to “Viksit Bharat by 2047″. For our economy, sectoral value added will be 12 per cent of Agriculture, 34 per cent Industry and 54 per cent Services, with the share of Manufacturing in GDP at 25 per cent by 2047,” said Sanjeev Agrawal, president, PHD Chamber of Commerce and Industry.
India is poised to become a prominent player in the World economic ecosystem with the size of the semiconductor industry at USD 750 billion, size of renewable energy at 1500 GW, and the size of the food processing industry will be USD 2150 billion by 2047, Agrawal said.
“India’s rank will be among the top 5 countries in Government AI Readiness Index, size of exports (merchandise + services) will be USD 10 trillion and India will be among top 5 countries in the Global Innovation Index by 2047,” Agrawal said.
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