India set to become $6 trillion economy by 2030: Standard Chartered research

MUMBAI : Standard Chartered’s India research team projected that India is set to transform into a $6 trillion economy by 2030. This projection is supported by several factors,includingaremarkableincreaseinpercapitaincome& strong structural growth drivers. Additionally, India’s macro economic stability serves as a significant positive, further cementingitspositionasoneoftheworld’sleadingeconomies.

By 2030, India is poised to secure its position as the world’s third-largest economy, trailing only behind the United States and China. This achievement will mark a significant milestone for the country, further solidifying its role as a major player in theglobaleconomiclandscape.

Rajat Bhattacharya, Senior Investment Strategist at Standard Chartered said that by 2030, the nation is projected to reacharemarkablemilestoneofbeinga$6trillioneconomy.

He said, “Our India research team expects India to be a $6 trillion economy. India is $3.5 (trillion) now, and it is expected to be a $6 trillion economy by 2030 and that is primarily driven by domesticgrowth,organicgrowth,housingconsumption.”

According to him, one of the standout achievements in India’s economic journey is the expected doubling of per capita income by 2030. As the economy grows and income disparities reduce, a larger portion of the population will experience improved living standards, thus creating a more prosperous andequitablesociety.

Further talking about India’s strong structural growth drivers, Bhattacharya said these drivers include a large and young population, rising digitalisation, increasing urbanisation, and an expanding middle class with higher disposable incomes. Such factors are instrumental in driving consumption, investments, and overall economic development.