India to witness multiple global achievements over the next decade: Morgan Stanley

The country is going to see major growth in employment, automobiles, exports and healthcare

November 9, 2022

The country’s Gross Domestic Product (GDP) is expected to reach US$ 8.5 trillion over the next decade

Market capitalisation is expected to be the third biggest in the world by 2032 and reach US$ 11 trillion

Over the next decade, The country is expected to provide an incremental US$ 1.2 trillion export opportunity to the world

India is going to account for a fifth of total economic growth over the next 10 years

India is going to account for a fifth of total economic growth over the next 10 years, according to a report by Morgan Stanley. This outcome will be primarily aided by the country’s growing size and scale of its economy. 

The report said that the country’s GDP is expected to reach US$ 8.5 trillion over the next decade, by adding more than US$ 400 billion every year. The current GDP is US$ 3.5 trillion. Additionally, the country’s market capitalisation is expected to be the third biggest in the world by 2032 and reach US$ 11 trillion, from the current US$ 3.4 trillion. 

Income and hiring

Households making more than US$ 35,000 are expected to witness a five-fold rise by 2032. Other than an 11% annual compounding of market capitalization to US$ 10 trillion, the rise in earning individuals will lead to a discretionary consumption boom in the coming decade. According to media reports, India’s workforce in the technology services sector is expected to reach 12.2 million in 2031 from 5.1 million in 2021.

Exports

The country’s expected to provide an incremental US$ 1.2 trillion export opportunity to the world while its global market share of exports is going to double at 4.5% by 2031. Service exports are expected to reach US$ 527 billion in the next decade, from last year’s US$ 178 billion.

Internet

Over the next decade, India’s internet users are expected to reach 960 million from 650 million, while online shoppers are expected to reach 700 million from the current 250 million. E-commerce penetration, on the other hand, is expected to reach 12.3% from the current 6.5% by 2031.

Real estate

According to the report, the country is expected to witness a residential property boom by 2030, driven by a mix of higher per-capita income, a higher rate of urbanization, and a mid-30s median age.

Healthcare

From the current market penetration rate of 30-40%, the healthcare sector in the country is expected to reach 60-70%. This further indicates the entry of 400 million new employees in the industry. 

Energy  

Over the next decade, India is going to witness energy investments amounting to US$ 700 million. It will be driven by the country’s acceleration of transitioning into cleaner forms of energy.   


Source: Economic Times

Recent Articles

IFC to invest over US$4 bn, focus on climate finance

May 3, 2024

The International Finance Corporation (IFC) plans to increase its investment …

Read More

Travel, tourism sector to add 5.82 cr jobs by 2033

May 3, 2024

India’s travel and tourism sector will experience significant growth, with …

Read More

April GST collections hit record high of INR 2.10 lakh crore

May 2, 2024

In April, India’s Gross Goods and Services Tax (GST) collections …

Read More