In an interview with CNBC-TV18, Rajat Bhattacharya, Senior Investment Strategist at British multinational bank Standard Chartered said that by 2030, the nation is projected to reach a remarkable milestone of being a $6 trillion economy.
This projection is supported by several factors, including a remarkable increase in per capita income and strong structural growth drivers. Additionally, India’s macroeconomic stability serves as a significant positive.
The bank claims that India is poised to secure its position as the world’s third-largest economy, trailing only behind the United States and China, as one of the world’s leading economies.
According to Bhattacharya, one of the achievements in India’s economic journey is the expected doubling of per capita income by 2030. As the economy grows and income disparities reduce, a larger portion of the population will experience improved living standards, creating a more prosperous and equitable society.
India’s strong structural growth drivers, include a large and young population, rising digitalization, increasing urbanization, and an expanding middle class with higher disposable incomes. Such factors are instrumental in driving consumption, investments, and overall economic development, he added.
