India to Emerge as the World’s Fastest-growing Large Economy
According to the report of global financial services major Morgan Stanley, India is expected to be the world’s fastest-growing large economy in the next 10 years, driven by digitisation, favourable demographics, globalisation and reforms.
The global financial services major says the trend line in India’s annual GDP growth has been accelerating to 6.9 percent in 2000s, from 5.8 percent in the 1990s, and this momentum is likely to continue in the next decade as well.
Morgan Stanley anticipates digitisation will provide an enhancement of 50-75 bps to GDP growth and forecast that India will grow to a 6-trillion-dollar economy and achieve upper-middle income status by 2026-27.
Morgan Stanley said that India’s real GDP growth to compound annually at 7.1 percent and nominal GDP growth to compound at 11.2 percent, over the next decade.
