Home / Knowledge / News / Textiles / 'India can potentially be a multi-trillion dollar economy'
'India can potentially be a multi-trillion dollar economy'
30
Jul '15
India has the potential to become a multi-trillion dollar economy with a per capita income of about $40,000 by 2050 if it manages to grow at seven per cent annually, for the next 30-35 years, according to media reports quoting a World Bank official.

"If we can manage to grow at seven per cent for the next 35 years, we will be the second largest economy," World Bank executive director for Bangladesh, Bhutan, India and Sri Lanka Subhash Chandra Garg said while addressing the Indian-American community at the Indian consulate in New York.

He acknowledged that achieving and sustaining a seven per cent growth rate for 35 years is "very difficult" and "would require a lot of transformation in the way we manage our economy.

Garg underlined that India will have to transform its agriculture completely, grow its services and manufacturing sectors, and give a boost to health care and tourism.

He acknowledged that the Indian government's push on manufacturing through its Make in India initiative is required to boost the sector in the country and contribute to economic growth.

"We will need to produce for us and manufacturing will be a story which requires another transformation," he said adding that a much bigger concentration and necessity will be to boost the services sector.

About 55 per cent of India's population is already working in the services sector but the country has to aim to bring this to 80-85 per cent of the population, he said. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Apparel/Garments | On 24th Apr 2017

ColDesi launches latest direct to garment printer

ColDesi, a pioneer in the direct to garment printer business, has...

Textiles | On 24th Apr 2017

US’ textile manufacturers applaud Buy American order

US' National Council of Textile Organisations has favoured President...

Courtesy: NASA/JPL-Caltech

Textiles | On 24th Apr 2017

NASA designing advanced woven metal fabrics for space

Scientists at NASA are designing advanced woven metal fabrics for a...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search