Indian Economy: India will become a 7 trillion dollar economy in 7 years, this will be a big miracle by 2031

Indian Economy: Rating agency CRISIL has released a report for the Indian economy in which it has said that the size of the Indian economy will reach $7 trillion by 2031. During this period, the annual growth rate of the country’s GDP will come down to 6.7 percent. It also states that the annual GDP from FY 2025 to FY 2031 will be the same as the average growth rate of 6.6 percent in the decade (10 years) before the Covid pandemic.

Due to these reasons, India’s economy may be affected.

• Any increase in global conditions and geo-political tension can cause disruption in the supply chain.
• There may be disruption in trade between countries and crude oil prices may increase.
• Global problems may affect the country’s inflation rate and input costs may increase.
• The impact of the efforts being made by the Central Government to reduce the fiscal deficit should also be visible on development.
• In the report, weather conditions and geo-political uncertainties have been considered as major risks to growth and inflation.

How will India’s GDP be in this financial year?

According to ET-CRISIL India Progress Report, India’s GDP is estimated to be 6.8 percent in the current financial year. The main reason behind this is the impact of strict lending rules and high interest levels on urban demand. The report estimates that India’s current account deficit will remain in the safe zone due to strong service exports and remittance inflows, although CAD is expected to grow to 1 per cent of GDP during 2024-25, which will be 1 per cent in 2023-24. In comparison to 0.7 percent.

Crisil’s estimate regarding inflation

The inflation rate based on CPI (Consumer Price Index) is estimated to be an average of 4.5 percent in the current financial year 2024-25. It is estimated to be less than last year’s average i.e. 5.4 percent.

What was said in the ET-CRISIL India Progress Report regarding agriculture

Kharif sowing was more this year but the impact of higher than expected rainfall and unseasonal rains is yet to be ascertained and there is a great need for this. Adverse weather conditions remain a persistent risk to food inflation and agricultural income for the rest of the current financial year.

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