India's Economy Could Double To Over $8 Trillion In A Decade: Report

(MENAFN- IANS) New Delhi, Oct 8 (IANS) India's economy could double in size to more than $8 trillion over the next decade as structural reforms, infrastructure spending and formalisation support faster growth and global investment, according to a report.

A report by KKR showed that the country has already crossed the $4 trillion mark and remains on track to double its economy again over the next 10 years.

“India remains one of the clearest examples of how patient, structural reform can pay off over a decade rather than a quarter,” it said.

The report further noted that reforms introduced since 2014, including the Goods and Services Tax (GST), Insolvency and Bankruptcy Code, labour-market formalisation and digitalisation, along with sustained infrastructure spending have raised India's growth potential.

It is expected that these changes will support up to 11 per cent nominal GDP growth path.

There is still room for the reforms already implemented to deliver further economic gains, according to the report.

“We do not see this as a story that has run its course,” KKR said.

Moreover, there is meaningful upside from reforms already in place as well as those that may come in the future.

The report also states that greater formalisation of the economy has reduced the risk premium attached to Indian cash flows and strengthened the outlook for sustained growth.

On technology, the report noted that artificial intelligence (AI) is unlikely to necessarily hurt the domestic technology related services sector.

Instead, domestic IT companies could increasingly use AI in their service delivery, making the technology a potential new source of growth for the industry.

In addition, Global Capability Centres (GCCs) are increasingly becoming an important growth engine, alongside traditional IT services, it said. While services already account for more than half of India's real GDP growth contribution.

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