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2030: India expecting 378% growth of Purchasing Power Parity (PPP)

Later City News: India is expected to become the 2nd largest in terms of PPP measurement even overtaking the mighty USA, to become an economy of 46.3 trillion which indicates a growth of about 387% by 2030 when taking the year 2017 as the base.

A paper published by Aditi Damodar Shingare, Tanya Kanoi from Narsee Monjee Institute of Management Studies confirms that the current size of India's economy is 2.9 trillion dollars, which is expected to become about $5 trillion by 2025 and $8.4 trillion by 2030. These amounts to an average annual real growth rate of 8% and would make India’s economy the third-largest by 2026, behind China and the U.S.

With the given pace of growth of India, there will be a rapid decrease in poverty from 15% today to about 5% below the poverty line in 2030 although India would still continue to be a rural country and only 0.5% of the population urbanized every year.

This paper which has been published by International Journal for Research in Applied Science & Engineering Technology (IJRASET) reiterated that India will remain a nation powered by a large young workforce over the foreseeable future.

The next decade shall behold an upward surge in GDP growth majority of which shall be contributed through consumption. Household Consumption will grow to $5 trillion, from today’s $1.6 Trillion.