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http://economictimes.indiatimes.com/news/economy/indicators/Indian-economy-moving-fast-towards-2-trillion-mark-/articleshow/6243285.cms

2 Aug, 2010, 02.30 AM IST, PTI

 

(Finance Minister Pranab Mukherjee)

NEW DELHI: The Indian economy would grow to USD 1.72 trillion in 2011-12, moving closer towards the USD 2 trillion mark, according to an assessment by the Prime Minister's Economic Advisory Council (PMEAC).

The country's gross domestic product (GDP) at the market and current prices was measured at USD 1.31 trillion in 2009-10 and is estimated to be USD 1.52 trillion in the current fiscal, the PMEAC said in its latest economic outlook.

Pegging the GDP growth at nine per cent, the economy would reach a level of USD 1.72 trillion in 2011-12, it said.

If the nine per cent growth trend is maintained, India would become USD two trillion economy in 2013-14 fiscal.

In the assessment, the PMEAC, headed by noted economist C Rangarajan, said that it is imperative for India "to preserve conditions that will enable it to return to the 9 per cent growth trajectory".

After slowing down to 6.7 per cent in 2008-09 and 7.4 per cent in 2009-10, the Indian economy is projected to expand at 8.5 per cent this fiscal and by nine per cent in 2011-12.

According to experts, services and manufacturing sectors will remain the key drivers pushing the coveted growth to USD two trillion mark.

"Services sectors particularly transportation and telecom sectors will lead the growth. Rising income levels and aspirations of people will further the industrial output," CRISIL's chief economist D K Joshi said.

In the first two months of current fiscal, the industrial production recorded an annual growth of 14 per cent. "The lead indicators of service sector also suggest increased economic activity," Reserve Bank Governor D Subbarao said in the first quarter credit policy review.

If the tax reforms are implemented as planned from next fiscal, the economy would get further push.

"The gain from GST will propel the country from one-trillion dollar economy to two trillion-dollar economy in a short span of time," Finance Minister Pranab Mukherjee recently said.

Before the global economic slowdown since 2008, the Indian economy grew by over nine per cent for three years in a row from 2005-06 to 2007-08 and expansion was maintained by industry and services sectors.

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Additional link:

http://www.photius.com/rankings/gdp_2050_projection.html

Top 10 GDP Countries 2000-2050

This table shows the top 10 countries by GDP (Gross Domestic Product) expressed in billions of US$, for the years 2000, 2010, 2020, 2030, 2040 and 2050, listed by projected 2050 rank.

SOURCE: Goldman Sachs

2050 Rank		Country Name	2000 GDP	2010 GDP	2020 GDP	2030 GDP	2040 GDP	2050 GDP
1	CHN	China	1078	2998	7070	14312	26439	44453
*	EU	European Union *	9395	12965	16861	21075	28323	35288
2	USA	United States	9825	13271	16415	20833	27229	35165
3	IND	India	469	929	2104	4935	12367	27803
4	JPN	Japan	4176	4601	5221	5810	6039	6673
5	BRA	Brazil	762	668	1333	2189	3740	6074
6	RUS	Russia	391	847	1741	2980	4467	5870
7	UK	United Kingdom	1437	1876	2285	2649	3201	3782
8	GER	Germany	1875	2212	2524	2697	3147	3603
9	FRA	France	1311	1622	1930	2267	2668	3148
10	ITA	Italy	1078	1337	1553	1671	1788	2061

* European Union GDP, which I calculated myself, is shown for comparison, but not ranked.

The Gross Domestic Product or GDP is a measure of all of the services and goods produced in a country over a specific period, classically a year. The GDP considers the market value of goods and services to arrive at a number which is used to judge the growth rate of the economy and the overall economic health of the nation concerned. As an economic measure, the GDP can be a very useful yardstick, but it has some serious flaws which have led some people to propose the use of alternate measures of economic and social well being.

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