IMF: Indian economic growth may reach $55 trillion

IMF Executive Director Krishnamurti Subramanian expressed confidence that by 2047, India's economy could grow to $55 trillion if the average GDP growth rate of 8% and inflation below 5% were maintained.

He believes that such growth is ambitious, but achievable, given India's demographics and the policies implemented in recent years, such as the development of digital infrastructure, innovation and support for entrepreneurship.

Subramanian stressed that Indian private entrepreneurship, which is the third largest in the world, according to IMF forecasts, will contribute to the productivity growth of the public sector of the economy. Currently, state-owned enterprises lag behind private ones in this indicator.

At the same time, he agreed with the World Bank's data, according to which it will take India 75 years for per capita income to reach a quarter of the income of Americans. Subramanian noted that even if India's GDP per capita increases by two, three or four times, it will still be average and lag behind the level in the United States.