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Topic | Key Points |
---|---|
Projection | India to surpass US and become 2nd largest economy by 2075 |
GDP Projections | China: $57 trillion by 2075; India: $52.5 trillion by 2075; US: $51.5 trillion by 2075 |
Population and Progress | Burgeoning population, innovation, technology, capital investment, and rising worker productivity drive India’s forecasted growth |
Boosting Labor Force | Emphasis on boosting labor force participation, manufacturing capacity, services, and infrastructure |
Technology and Investments | India’s progress in technology, IT industry revenue expected to increase by $245 billion by 2023 |
Risks and Challenges | Declining labor force participation rate, low participation of women in formal employment |
India’s Domestic Demand | Economy driven by domestic consumption and investments, less reliant on exports |
Other Predictions | S&P Global and Morgan Stanley also predict India to be the third-largest economy by 2030 |
Recent GDP Growth | India’s first-quarter GDP grew by 6.1% year-on-year, exceeding expectations |
Conclusion | India has the potential for significant economic growth, but challenges need to be addressed for sustained progress |
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