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Overview of Indian Economy
India is the 6th largest economy in the world and was valued at 3 trillion in 2021; in normal scenario it is set to grow at 6% to reach 5 trillion by 2030. However, prime minister of India, Mr. Narendra Modi envisioned to make India 10 trillion economy by 2030. Becoming a 10 trillion economy is not merely expectation but it is a dream and a vision for India. Major policy makers and different ministries headed by the prime minister of India, are working on an economic plan to turn 10 trillion Indian economy into reality. India has emerged as the fastest-growing major economy in the world, and over the next 10-15 years it is expected to be one of the top three economic powers, driven by its robust democracy and strong partnership strategies.
 
GDP Trends and Forecast for India
 
Major Challenges of the Indian Economy
India’s trajectory to become a 10 trillion economy is still doubtful and questionable for some experts; it is only possible when the GDP will grow at the rate of at least 14% over the next 10 years. With so many hurdles including sufferings of pandemic, slowdown in demand of various sectors like automotive and real estate, inflation, poor educational standards, rigid labor laws, low FDI, still developing infrastructure, large budget deficit, and high private debt, it will be interesting to see India’s growth path and strategies to become a developed economy.
 
4 prong strategies to become a 10 trillion economy
Although the government of India is working on various measures and initiatives to ramp up the economic growth, growing at a CAGR of 14% will be a tough task to be achieved and maintained through the years. Lucintel, a premiere management and consulting firm, has developed 4 prong strategies encouraging India to hit its target and become one of the leading economies in the next 10 years. The four areas which will attribute growth momentum to the economy of India are:
  • Export 
  • Import Substitution
  • FDI
  • Domestic Activities
 
4 Prong Strategies for Growth of Indian Economy
 
Major industrialist and experts have different opinions about India’s economic growth opportunities as listed below:
Voice of industrialist on Indian Economy
 
 
India and China had almost similar GDP 30 years ago, but China’s growth in the last 3 decades to become the second largest economy has surprised the world. China’s strategies to change its economy can be a learning lesson for India. Lucintel brings this exciting and most analytical study explaining how India can also become 10 trillion economy in the next 10 years. To know more about this analysis contact us at +1 972-636-5056 or write at helpdesk@lucintel.com.
 
As a sample of work, Lucintel did a study for UK Govt. on industry opportunities and competitiveness, which you can get it for FREE at link: https://ktn-uk.org/news/new-report-released-on-uk-composites-industry-competitiveness-and-opportunities/. 
 
Table of Contents
  1. India Economy – A Nation on the Move
  2. Growth Challenges
  3. India’s Capabilities and Gaps
  4. Strategic Options for India's Growth
    • Export Led Growth
    • Import Substitution Growth
    • FDI Led Growth
    • Domestic Growth
  5. Conclusion
 

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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
  • In-depth interviews of the major players in this market
  • Detailed secondary research from competitors’ financial statements and published data 
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
 
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process. 
 

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