New Delhi
India’s economy is expected to add USD 1 trillion to its GDP every 1.5 years over the next six years, according to a report. The country aims to become a USD 10 trillion economy by 2032, positioning itself as the third-largest economy globally by 2030. This accelerated growth will largely be driven by the manufacturing sector, which is projected to contribute 32% to the incremental Gross Value Added (GVA).
The report also pointed out that India’s “Make in India” initiative is playing a key role in strengthening the manufacturing base and transforming the country into a global manufacturing hub. The economy reached USD 1 trillion in 2010, USD 2 trillion in 2017, and USD 3 trillion in 2020. Despite the COVID-19 pandemic slowing progress, India is set to reach USD 4 trillion by the end of 2024.
By 2032, India is expected to achieve USD 10 trillion in GDP, driven by manufacturing demand, export potential, and favorable government policies, such as Production Linked Incentive (PLI) schemes. The report also projected that India will surpass top global economies in manufacturing and is likely to see exports rise to 25% of GDP by 2030. Increasing domestic demand, a growing financial ecosystem, and rising capital expenditure are further expected to support India’s growth as a global economic powerhouse.
