India can become $10 trillion economy by 2034, says PwC

[Kshatriya87]

Winning leap: India can become $10 trillion economy by 2034, says PwC - Firstbiz


Launching a report on transformational change in India, PricewaterhouseCoopers (PwC) on Monday said India has an opportunity to build a $10 trillion economy by 2034 with a growth rate of 9 percent per annum.

Titled "Future of India: The Winning Leap", the report "builds an aspirational model prepared after meeting business leaders and social thinkers and identifies winning strategies needed for this aspirational transformation", according to PwC International chairman Dennis Nally, who launched the report here.

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It said that for India to take that "winning leap" and grow its GDP by 9 percent per year, it would require the corporate sector to come together with the entrepreneur class to build an entrepreneurial ecosystem in constructive partnership with the government.

"Corporations alone can't fuel growth and innovation needed to power India's winning leap, so the entrepreneurial sector must also play a major role as they possess qualities critical for developing innovative solutions, the willingness to take risks, an aptitude for fast decision-making, and bold leadership," said Deepak Kapoor, chairman, PwC India.

"The government also needs to extend support by creating national platform," he added.

The report says that up to 40 percent of India's $10 trillion economy of 2034 could be derived from new solutions.

"Nimbleness in going for new solutions and the new economy would define the future," said Shashank Tripathi, partner at PwC India.

The report investigates 10 sectors - education, healthcare, agriculture, retail, power, manufacturing, financial services, urbanisation and the enabling sectors of digital and physical connectivity.

It said each of the sectors faces challenges which will require new solutions that are resource efficient and environmentally sustainable. Moreover, all these sectors are interconnected and hence a setback in one spawns setbacks in others, it added.

"A young demography, paired with a burgeoning middle-class that is digitally enabled is a once in a lifetime opportunity for India to develop economically and socially," Nally said.

Based on US dollar rates of 2010, the report said that to achieve the aspirational targets it sets out for 2034, India would need to increase annual investments by at least six times in dollar terms.

 

[shekhar]

Well well ..i thoght v will gt 10% grth rate till 2022

 

[sorcerer]

If we keep the bitching out of politics and focus proactively on economics this and more is quiet within reach..

 

[warrior monk]

Well India can achieve the above mentioned figure faster if we
1) Increase our export faster
2) Import less non essential goods like gold
3) GST and DTC are extremely important
4) Ease in labour laws
5) make manufacturing 35 % from current 15% of our GDP which should include defence
6) Depth in financial market like corporate bond market etc
7) We need 100000 startups in the next 15 years for that we need startup culture
8) 5% agriculture growth Year on Year
9) peace in our neighbourhood
There are more points but these are the one on the top of my head which can make us a 10 trillion nominal and 25 trillion ppp economy by 2030s with a defence budget of 300 billion $ .

 

[Srinivas_K]

2034 is too far, If we get our policies right and speed up reforms, India can achieve 10 Trillion GDP in the next decade :thumb:

 

[warrior monk]

The greatest power of US is not its military but the 30000 american companies which invade the world and Americanized them giving US power to cripple any country without invading and controlling the financial system . India needs start ups 1000s of them and they should be able to grow at double digit rates then and only then we can aspire to be a super power in future . A superpower does not import
1) weapons
2)pharmaceuticals
3) electronics ( US imports but then US controls the financial system of the world so it can control east asia )
4) strategic know how like super computers , surveillance tech etc
5) communication ( China prevents its citizen from various US websites ) we can't ban them but we need to be able to control them like NSA 's prism program.
6)able to influence financial world like rupee denominated trade and commerce.
etc more points can be added but we need to work on the above if we want to be a power to reckon with in future.

 

[Srinivas_K]

The greatest power of US is not its military but the 30000 american companies which invade the world and Americanized them giving US power to cripple any country without invading and controlling the financial system . India needs start ups 1000s of them and they should be able to grow at double digit rates then and only then we can aspire to be a super power in future . A superpower does not import
1) weapons
2)pharmaceuticals
3) electronics ( US imports but then US controls the financial system of the world so it can control east asia )
4) strategic know how like super computers , surveillance tech etc
5) communication ( China prevents its citizen from various US websites ) we can't ban them but we need to be able to control them like NSA 's prism program.
6)able to influence financial world like rupee denominated trade and commerce.
etc more points can be added but we need to work on the above if we want to be a power to reckon with in future.

Well said !!