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The process of rapid growth in the country's economy continues. On one hand the growth rate has exceeded expectations and on the other hand the stock market is reaching new heights. Looking at the positive signs of the economy, rating agency CRISIL has estimated India's GDP growth rate to be 6.8 percent in the next financial year. Furthermore, the agency said the country will become an upper middle income country with a seven trillion dollar economy by 2031.
CRISIL said in its India Outlook report that India is expected to become the third largest economy by 2031 with improvement in domestic infrastructure. India can maintain and improve its growth potential. According to the report, the country's real GDP growth is estimated to be 7.6 percent in the current financial year. It is expected to decrease slightly to 6.8 percent in 2024-25. According to CRISIL, in the next seven financial years, the country's economy will cross the GDP growth figure and reach close to seven trillion dollars.
Earning of $4,500 per person
CRISIL expects the Indian economy to reach $6.7 billion by fiscal year 2030-31. At that time the country's per capita income will increase to 4,500 US dollars. And India will join the group of upper middle income countries. According to the World Bank definition, the category of upper-middle income countries includes countries whose per capita income is between US$4,000 and 12,000. Lower-middle income countries are those with per capita income between US$1,000 and US$4,000.
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According to CRISIL MD and CAO, by the financial year 2030-31, India will become the third largest economy and the highest middle income country. Which will be a big positive side for domestic consumption. India is currently the world's fifth largest economy with a GDP of $3.6 trillion. After India comes America, China, Japan and Germany.