The minister's upbeat outlook on India's growth prospects have been backed by the latest forecasts by the World Bank
Given the fast pace at which India’s $1.3 trillion economy is growing at present, the country is on track to double its gross domestic product in five years, Anand Sharma, India’s Minister for Industry and Commerce, said.
Asia’s third largest economy, which is already the world’s fourth in terms of purchasing power parity, is also poised to emerge as “the manufacturing hub of the world,” thanks to huge investments the country’s vibrant industrial sector is drawing from within and abroad, the minister said Sharma, contended that the “richness of human resources and the demographic dividends” would be one of the biggest strengths of India in the coming decade.“Two-thirds of our population is young. We will have close to 200 million people joining the work force within a decade, We are an ancient nation but also very upcountry. India is a land of opportunities. Today the pace at which the Indian economy is growing is remarkable. Our GDP is set to double in the next five years,” he said. A consistent thrust in the manufacturing sector and the ongoing investments in industries would eventually make India a manufacturing hub of the world.
The minister’s upbeat outlook on India’s growth prospects have been backed by the latest forecasts by the World Bank and other global entities, all showing India outpacing even the most optimistic growth projections.
A World Bank update, analyzing the economic situation in South Asia, forecasts better prospects than earlier expected for the India’s economy. It says that the economic growth may go beyond the projected eight to nine per cent in the next two years. “India’s recovery after the slowdown is well under way. Growth is projected to recover to eight to nine per cent in the next two years. The recovery of Indian GDP could be even faster than what is projected,” the World Bank’s South Asia Economic Update said.
Edelweiss Capital in its latest research report “India 2020, Seeing Beyond,’ said India’s GDP was likely to quadruple over a period of 10 years. It further states that India is likely to be a $4.5 trillion economy by 2020 driven by a nominal annual growth rate of 13 per cent.
The Asian Development Bank also sounded very bullish in its latest report, and argued rising private consumption and investment would support India’s economic growth in the next two years, with the country’s GDP forecast to grow by 8.2 per cent in 2010 and 8.7 per cent in 2011.