V Anantha Nageswaran says India could reach 10% dollar growth
India is aiming big: to be a developed country by 2047, it needs to keep up an annual growth rate of 9.3%.
Chief Economic Adviser V Anantha Nageswaran says if India manages steady real growth of about 7% each year (plus US inflation at around 3%), it could hit a solid 10% growth in dollar terms.
It's ambitious, but not impossible.
India averaged 8.8% dollar growth
Between 2000 and 2024, India averaged an impressive 8.8% yearly growth in dollar terms, showing it has serious potential.
Inflation, from the unusually low base recorded last year, with food prices also rising, is still within the Reserve Bank of India's target range, and energy prices haven't spiked thanks to lower demand from China (though supply risks are always lurking).
On the farming front, several parts of the country had received adequate rainfall, while sowing remained only marginally below last year's level.
All these factors need to stay steady for India to reach its big goal by 2047.