Home / Knowledge / News / Textiles / HSBC report says India to be 3rd largest economy by 2028
HSBC report says India to be 3rd largest economy by 2028
19
Sep '17
India is expected to surpass Germany and Japan to become the third largest economy by 2028 but needs more focus on the social sector and ease of doing business and be consistent in reforms, according to British firm HSBC, which urged the country to spend more on health and education. Demographics and macro stability are the nation’s key strengths, it said.

HSBC estimates India will be a $7 trillion economy in 2028, compared to less than $6 trillion and $5 trillion for Germany and Japan respectively, a news agency reported quoting a report by HSBC economists. With a GDP of around $2.3 trillion in fiscal 2016-17, India at present stands fifth in global rankings.

Cautioning against ‘harmful’ stray reforms, the brokerage firm said social capital is "insufficient" and spending on aspects like health and education "is not just desirable for its (India's) own sake, but is also central to economic growth and political stability."

India will continue to be a services-oriented economy but needs to pay more attention to manufacturing and farm sectors. The e-commerce sector will create 12 million jobs over the next 10 years and the social sector can be another field for job creation, it said.

Due to the introduction of the goods and services tax (GST), the growth rate will be lower in fiscal 2017-18 compared to the previous year’s 7.1 per cent, but it will recover sustainably from next year. The informal sector, responsible for the bulk of jobs in India, may respond to higher taxation by shutting shop or laying off workers, it noted.

Other developments in the next decade will include higher investment and capital goods flow as the country’s focus on manufacturing increases, Indian consumers forcing foreign brands to turn 'glocal' and a two- way human capital footprint that will see many skilled people travelling overseas, HSBC added. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Azerbaijan's Gilan Textile Park raises exports by 40%

Apparel/Garments | On 18th Aug 2018

Azerbaijan's Gilan Textile Park raises exports by 40%

Azerbaijan's Gilan Textile Park has raised its exports by 40 per cent ...

CPD studies living cost of Bangladesh RMG workers

Apparel/Garments | On 18th Aug 2018

CPD studies living cost of Bangladesh RMG workers

The living cost of readymade garment (RMG) workers in Bangladesh...

Brazilian cotton price index returns to April 2018 level

Textiles | On 18th Aug 2018

Brazilian cotton price index returns to April 2018 level

Cotton prices dropped in Brazil in the first fortnight of August as...

Interviews View All

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Marcel Alberts
Eurofibers

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

Bani Batra

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

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel 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

Leave your Comments


August 2018

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

news category


Related Categories:

Advanced Search