Mumbai - Standard Chartered’s India research team projected that India is set to transform into a $6 trillion economy by 2030. This projection is supported by several factors, including a remarkable increase in per capita income and strong structural growth drivers. Additionally, India’s macroeconomic stability serves as a significant positive, further cementing its position as one of the world’s leading economies.

By 2030, India is poised to secure its position as the world’s third-largest economy, trailing only behind the United States and China. This achievement will mark a significant milestone for the country, further solidifying its role as a major player in the global economic landscape.

Rajat Bhattacharya, Senior Investment Strategist at Standard Chartered said that by 2030, the nation is projected to reach a remarkable milestone of being a $6 trillion economy.

He said, “Our India research team expects India to be a $6 trillion economy. India is $3.5 (trillion) now, and it is expected to be a $6 trillion economy by 2030 and that is primarily driven by domestic growth, organic growth, housing consumption.”

According to him, one of the standout achievements in India’s economic journey is the expected doubling of per capita income by 2030. As the economy grows and income disparities reduce, a larger portion of the population will experience improved living standards, thus creating a more prosperous and equitable society.

Further talking about India’s strong structural growth drivers, Bhattacharya said these drivers include a large and young population, rising digitalisation, increasing urbanisation, and an expanding middle class with higher disposable incomes. Such factors are instrumental in driving consumption, investments, and overall economic development.