India's GDP is projected to reach $30 trillion by 2050, with a per capita income of $21,000: Head of HDFC Bank Atanu Chakraborty

 India's GDP is projected to reach $30 trillion by 2050, with a per capita income of $21,000: Head of HDFC Bank Atanu Chakraborty

With a $3.75 trillion size, the Indian economy is now the fifth biggest in the world. By 2027, the government projects that the economy will rise to third place.

According to Aranu Chakraborty, the chairman of HDFC Bank, who spoke at an event in New Delhi on October 11, given the rate at which India is expanding despite the current global economic downturn, the nation's economy is on track to reach the $30 trillion-mark by 2050 and the per-capital income is likely to rise to $21,000 by then.

With a $3.75 trillion size, the Indian economy is now the fifth biggest in the world. In the next three to four years, the economy is projected to grow to be the third biggest.

According to Chakraborty, the nominal gross domestic product (GDP) growth rate will be in the range of 10–12% given that international financial institutions expect India to expand by around 6.3 percent this year and that inflation is now at about 6 percent, according to a report from news agency PTI.

According to Chakraborty, who is also a former economic affairs vice president, "if this kind of pace continues for some year, it could make India a USD 30-trillion economy by 2045-50 alongside per capita income of USD 21,000," according to PTI.

The International Monetary Fund (IMF) cut its prognosis for global growth to 3% on Tuesday while slightly increasing India's GDP outlook to 6.3%.

India's GDP was predicted by the IMF to grow by 6.1% between 2023 and 2024 in July. This, however, is less than the RBI's most recent prediction of 6.5% for the current fiscal year.

Due to sustained service sector development, despite global challenges, the World Bank this week kept India's growth prediction for the current fiscal year at 6.3%.

In India, which makes up the majority of South Asia, growth is anticipated to continue strong at 6.3% in 2023–2024, according to the World Bank's India Development Update.

The World Bank also predicted a 6.3% GDP increase in its report from April. In 2022–2023, India saw growth of 7.2%.

The Asian Development Bank (ADB) slightly downgraded its prediction of India's growth last month, bringing it down to 6.3% for the current fiscal year.