If India achieves a growth rate of 11% into the next decade, it would become the second largest economy in the world not by 2048 as projected earlier, but by 2031, said Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (RBI) on Saturday.
“Even if it does not sustain this pace and slows to 4-5% in 2040-50, it will become the largest economy of the world by 2060 [surpassing China],” Dr. Patra said while speaking at an event to celebrate Azadi Ka Amrit Mohotsav organised by the RBI in Bhubaneswar.
Observing India’s progress in a cross-country setting, he said today, India was the world’s sixth largest economy in terms of market exchange rates.
