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

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Courtesy: Gucci/Pantone

Textiles | On 9th Dec 2016

Pantone announces greenery as colour of the year 2017

Pantone, an X-Rite company and the global authority on colour and...

Textiles | On 9th Dec 2016

Heimtextil to host 230 exhibitors from 28 countries

Close to 230 exhibitors from over 28 countries are expected to...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search