“India can become the 2nd largest economy by 2030”: M.D. Patra
In the event to mark the 75th anniversary of independence of India,India@75, RBI Deputy Governor M.D. Patra said if India’s economic growth increases at the rate of 11% in the upcoming 10 years, it would become the second largest economy behind only China in 2030. The former prediction about being the second largest economy is in 2048. But according to the Reserve Bank of India’s Deputy Governor Michael D.Patra India could achieve this target earlier than what is predicted.
In the event of celebrating India’s 75th Independence day, India@75, RBI Deputy Governor Michael D.Patra also stated that India would become the largest economy surpassing China in 2060,even if the slow pace of gross domestic product of the country in 2030-40 is to 4-5%, it wouldn’t affect to the target of India to become the largest economy.
Currently India is at the sixth place of the world’s largest economies in the terms of marker exchange data. India sustains the position of the most important country for the global economy after China in 2022. India is counted as one of those potential countries whose economic growth rate is increasing with a good pace and continuity can be seen in this growth rate.
India is also at the third place in terms of purchasing power parity behind China and the US with a share of 7%.
What is market exchange data?:
We can define it as the price or other data related to an asset or product or any financial instruments of the country reported by a trading company or institution.
What is PPP?:
We can define the purchasing power parity as the measurements of the prices of goods in the different countries. This measurement is done by using the prices of specific goods. This phenomenon happens to compare the absolute value of purchasing power of the different currencies of different countries.
He also described the growing Manufacturing power of India and its role to make India the superpower in terms of economy. If the manufacturing power of India grows at the rate of 10%, India would become the manufacturing hub and the leading economy of the world.
According to the Deputy Governor of Reserve Bank of India, India’ growth power is increasing primarily by domestic savings with foreign savings and home finance. This feature of the Indian economy helps it to cope with the economic stress and recover better with a good pace of growth.
Questions And Answers:
Q1. Who is one of the Deputy Governors of the Reserve Bank of India?
Q2. According to the Deputy Governor of RBI India would become the second largest economy by which year?
Q3. What is the earlier prediction of this achievement?
Ans. By 2048.