Sunday, November 1, 2015

India to Become 3rd Biggest Economy by 2030 - US Department of Agriculture Study - 2015




Projections

USA  $24.8 trillion
China   $22.2 trillion
India   $6.6 trillion



India will do better.



11 May 2015

 $10 trillion economy by 2034


We need to boost R&D spending to 2.4% of GDP to achieve GDP growth of 9% p.a. for number of years and  become $10 trillion economy by 2034

India's economy would need to increase its research and development (R&D) spending from mere 0.8 per cent of gross domestic product (GDP) in 2013 to 2.4 per cent  similar to developed markets of Korea (3.8 per cent), US (2.7 per cent) and China (1.9 per cent)  to grow its GDP by 9 per cent per annum to become a $10 trillion economy over the next two decades. Minister of state for science & technology and earth sciences, Mr Y.S. Chowdary  stressed the point while inaugurating '3rd Innovation Summit-cum-Excellence Awards: Innovative India@2020,' organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) on 11th May 2015.



Focus on innovation should not  be restricted to new technologies and products but also include innovative distribution and financing processes and business models according to the minister.

http://www.business-standard.com/article/news-cm/need-to-boost-r-d-spending-to-2-4-to-achieve-gdp-growth-of-9-p-a-to-become-10-trillion-economy-by-2034-science-technology-minister-115051200273_1.html



Updated 1 November 2015
Published on 12 April 2015




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