1. Size of Indian economy in 2031: 5 fold jump eyed to $10 trillion!

Size of Indian economy in 2031: 5 fold jump eyed to $10 trillion!

The size of the Indian economy could increase five-fold to $10 trillion in the next 15 years, replicating a feat achieved by the Chinese economy, NITI Aayog vice chairman Arvind Panagariya said on Friday.

By: | Published: October 8, 2016 6:28 AM

 

Money-reu-L Panagariya said addressing an India-China investment conclave organised by industry body Ficci in New Delhi.

The size of the Indian economy could increase five-fold to $10 trillion in the next 15 years, replicating a feat achieved by the Chinese economy, NITI Aayog vice chairman Arvind Panagariya said on Friday.
“India started off to rapid growth a little later than China, but now it has the potential to accomplish in the next 15 years what China did in the last 15 years. India’s GDP (now) stands at about $2 trillion and it has good prospects of rising to $10 trillion in the next 15 years,” Panagariya said addressing an India-China investment conclave organised by industry body Ficci in New Delhi. Panagariya said India needs to learn from China and develop coastal economic zones as China has done in Shenzhen. China and India, which contributed to 50% of world’s GDP till 1820, are once again regaining their lost glory in the world, he said. With $10.86 trillion (14.7% share in world GDP), the Chinese economy stood second in the world after the US in 2015, while India, at $ 2.07 trillion (2.8%)was ranked seventh. Analysts reckon that to reach $10 trillion level, the Indian economy needs to grow at over 11% for the next one-and-half a decade, which is a daunting challenge. China’s economy was $1.2 trillion in 2000.

The NITI Aayog is preparing a 15-year vision document, which would provide a roadmap for developing India into a global economic powerhouse with inclusive and sustainable growth. The first draft of the document would be ready by January.

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“With China promoting out-bound investment and India seeking foreign capital and technology, it should enable us to take advantage of the synergies and put in place a vigorous framework to strengthen bilateral investment relationships,” Panagariya said. Since India and China are the only two rapidly-growing major economies, they need to maintain high growth rates to lift global growth, said Xu Shaoshi, chairman of the National Development and Reforms Commission of China. Xu is leading the delegation for the fourth India-China Strategic and Economic Dialogue.

  1. M
    Madan Mishra
    Oct 10, 2016 at 3:40 am
    Though it sounds too sweet to believe, but it can not be achieved by the current government's coward and servitude foreign policy. To get that type of growth India has to be very strong internally and externally. China got chance to grow that way because of its strong internal and external policy in certain period of history. To grow fast India under Modi has to shed its American val diplomacy. If we have no faith and confidence in China, we can take appropriate step against them. To contain China, we can show our friendship towards USA. But to make USA respect and deliver the best of its ability towards our rapid development we must show a strong character. This strong character will be shown if we don't ditch our principle and commitment towards our policy and ethics of last 70 years of existence. To get the best from USA, out of our newly found closeness with it to contain China, our foreign policy should be to make us ourselves very strong, stable, confident and independent in the eyes of USA establishment. For that we have to show our independences and confidence through NAM strengthening exercise and then our strong bond with Russia. Without a strong bond with Russia, we will loose our complete freedom to choice of best path for our own growth and prosperity. To contain USSR, USA had extended its hand to Communist China and partited in China's stupendous Industrial growth. To get help from USA, China didn't changed its principle of governance. Power earn respects and then commitment. Without proper power inside us, USA may use India, like it used stan, Philippines, Mexico, Brazil in near past history. We have to guard against it, by making our principle of foreign policy fully independent from USA. For that we should show strong commitment towards Russia and NAM. In my view, for that we should at first show our strong support to Russia in Syria crisis. Now in Syria, Russia is finding itself against a bigger group of USA, NATO and Middle-East Kingdom countries. In my view we should send one of our Aircraft Carrier to Mediterranean sea to fight with Russia.
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