India Can Become $55 Trillion Economy If... says IMF Executive Director Hailing India's Growth Trajectory

imf executive director hails india’s growth trajectory, says india can become $55 trillion economy if…

Dr. Krishnamurthy V. Subramanian, Executive Director of the International Monetary Fund (IMF), shared an optimistic vision for India’s economic future at the Times Now Summit 2024. The summit, themed “India Unstoppable,” resonated with Dr. Subramanian’s sentiments as he outlined India’s potential to achieve remarkable growth.

Addressing a diverse audience comprising delegates and professionals from various fields, Dr. Subramanian emphasized India’s extraordinary growth over the past decade. He articulated, “With the kind of growth that India has registered in the last 10 years, if we can redouble the policies that we have implemented over the decade and accelerate the reforms then India can grow at 8 per cent from hereon till 2047.”

In his compelling address, Dr. Subramanian projected an ambitious target, stating that if India sustains an 8 per cent growth rate, the nation could evolve into a staggering $55 trillion economy by 2047. This assertion might seem audacious to some, particularly considering forecasts by leading firms like E&Y predicting India to be a $26 trillion economy by 2047.

Offering insights into his projections, Dr. Subramanian elucidated, “Here is why I believe the growth will be higher. If we assume 7 per cent growth in real terms, 5 per cent inflation which is what has been there since the inflation targeting framework has been implemented. Three per cent appreciation of the rupee that translates into 9 per cent growth in dollar terms.” You can check his full calculation here where he explained each and every parameter.

His calculations underscored the potential for India’s economic expansion, buoyed by sustained reforms and prudent policies. Dr. Subramanian’s optimism resonated with the audience, instilling a sense of confidence in India’s trajectory of progress.

Today is the second day of the two-day Times Now summit. Key personalities from India and abroad will participate in today’s special program. These include Union Defence Minister Rajnath Singh, Railway Minister Ashwini, Union Minister Piyush Goyal among others. The summit, aimed at convening influential minds across various sectors, seeks to chart a visionary yet pragmatic course for the nation’s future.