Equirus: India's $20 trillion possible by 2036 with 20-point reforms
India could hit a $20 trillion gross domestic product (GDP) by 2036, but only if it rolls out a big 20-point reform plan, according to investment bank Equirus.
The report, timed to coincide with this week's Independence Day, wants to spark fresh debate on how the country moves forward.
Ajay Garg, Equirus's managing director and chairman, says these reforms need to happen together for real impact: India's current $4 trillion economy needs a full-on approach.
Report highlights service-led growth
Key suggestions include making corporate bonds more attractive (so debt isn't at a tax disadvantage) and even listing Indian Railways.
The report highlights that services, like finance, tech centers (GCCs), tourism, and education, will drive most of the growth. Manufacturing and agriculture aren't expected to play as big a role.
Ajay Garg: Reforms decide $20T timeline
Garg points out that India can reach the $20 trillion mark without needing the rupee to appreciate; it's all about strong fundamentals.
He adds that without these reforms, India might still get there, but not until 2047.