• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

India’s Target Of $55 Trillion Economy Is Ambitious But Achievable: IMF Official

OMMCOM NEWS by OMMCOM NEWS
August 21, 2024
in Business

New Delhi: India’s economy is projected to grow to $55 trillion by 2047 if the country is able to register an average real growth rate of 8 per cent in the coming years which is an ambitious but achievable target, IMF executive director Krishnamurthy V Subramanian has said.

Speaking at a media event here, he said that 8 per cent is achievable, given the country’s demographics and Government policies that have been implemented to drive up the growth rate over the past 10 years like the public digital infrastructure, innovation and entrepreneurship.

“If you take entrepreneurship, World Bank data shows that new firm creation surged from 2014 onwards. As a result, India has the third-largest entrepreneurial ecosystem in the world, which will help with the productivity growth in the formal sector,” he said.

He further stated that formalisation of the economy which is taking place at a fast pace, will lead to higher productivity as between two-thirds to three-quarters of the Indian economy is informal, and informal sector firms are far less productive than formal sector companies.

“Formalisation is going to be a key driver for productivity growth in India, which is already happening through the (vast) public digital infrastructure,” he added.

Answering a question on the World Bank’s claim that India will take 75 years to reach one-fourth of the US’s per capita income, the top IMF official said that the definition of middle income is quite wide and even if a nation increases its GDP per capita by two, three, or four times, it remains trapped in the middle-income trap.

He also emphasised on manufacturing growth being critical to countries to escape middle-income trap and highlighted the importance of having a sunset clause for subsidy schemes provided to the industry.

Last month, the IMF raised India’s GDP growth forecast for 2024-25 to 7 per cent from 6.8 per cent earlier on the back of “improving private consumption, particularly in rural India.”

“The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,” the IMF said in its World Economic Outlook report.

(IANS)

Tags: India's economyTrillion Economy
ShareTweetSendSharePinShareSend
Previous Post

Sexual Abuse Case: Internet Services Suspended In Badlapur

Next Post

Jennifer Lopez Files For Divorce From Ben Affleck After 2 Years Of Their Marriage

Related Posts

Business

Indian Bond Market Shines Amid Falling Inflation: Jefferies

May 31, 2025
Business

E-Commerce Giants Remove Walkie-Talkie Listings After Govt Cracks Down On Illegal Sales

May 31, 2025
Business

FIIs To Continue Their Investment In India Amid Robust GDP Growth: Analysts

May 31, 2025
Gautam Adani
Business

Gautam Adani Lauds First Batch Of Women NDA Cadets For Scripting History

May 31, 2025
Business

Providing Service To Taxpayers Is Duty Of Tax Officials: FM Sitharaman

May 31, 2025
Business

Indian Stock Markets Witness 2nd Consecutive Week Of Consolidation

May 31, 2025
Next Post
Jennifer Lopez

Jennifer Lopez Files For Divorce From Ben Affleck After 2 Years Of Their Marriage

RBI

Private Corporate Investment To Surge 54 Pc To Rs 2.45 Lakh Crore In 2024-25: RBI Report

SIM Box Case: Accused Raju Mandal’s Family Files Missing Complaint With West Bengal Police

Khimji
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.