The International Monetary Fund’s (IMF’s) Executive Director Krishnamurthy V Subramanian has said that India could potentially grow into an US $55 trillion economy by 2047.
Subramanian said this during the launch of his book India @ 100, at the Indian School of Business (ISB), in Hyderabad recently. The senior IMF official acknowledged that the goal of reaching an US $55 trillion economy by 2047 might seem ambitious, but it was achievable.
He spoke about the huge progress being made in financial inclusion through initiatives such as the Pradhan Mantri Jan-Dhan Yojana.
Using Japan as a benchmark, Subramanian highlighted that its economy expanded from US $215 billion in 1970 to US $5.1 trillion in 1995, nearly a 25-fold vault over 25 years.
During this period, the GDP per capita climbed up steeply from US $2,100 to US $44,000.
The IMF official strongly emphasised the importance of wisely using government borrowings and said that investments should focus on creating assets rather than merely funding subsidies or operational expenses.
India’s IIP Grows At 4.2% In June
The country’s Index of Industrial Production (IIP) registered a 4.2% increase in June of this year, up from the 4% growth in the same month of the previous year (June 2023), according to the Ministry of Statistics and Programme Implementation (MoSPI).
The mining sector clocked a healthy year-on-year (y-o-y) growth rate of 10.3%. The manufacturing sector registered a y-o-y growth of 2.6%.
Another segment which witnessed a robust northward movement was the electricity sector, which grew 8.6% over the same period of the previous year.
A key segment for economic development, the infrastructure and construction goods segment, registered a 4.4% growth.
An encouraging growth was clocked by the consumer durables segment at 8.6% while the consumer non-durables segment witnessed a slight dip, down by 1.4%.
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