India's Route to $20 Trillion: A Reform-Driven Odyssey

India could reach a $20 trillion economy by 2036 with consistent reforms across key sectors, says an Equirus report. The proposal outlines a 20-step agenda targeting infrastructure, capital markets, and more, drawing parallels with China's growth trajectory as a potential blueprint.

India is poised on the brink of economic transformation, with the potential to become a $20 trillion powerhouse by 2036, according to a recent report by Equirus. The ambitious growth target hinges on comprehensive and sustained reforms across infrastructure, capital markets, human capital, services, and urban governance.

The report clarifies that achieving this requires India to expand its current $3.7 trillion economy more than fivefold, necessitating an average nominal growth of 18% annually. While daunting, Equirus draws parallels with China's historical growth path, suggesting that similar reforms and execution strategies could make this trajectory attainable.

Key initiatives proposed include integrating fuel into the GST framework, maximizing state budget expenditures, mobilizing private capital through public assets, and proposing an India sovereign fund akin to Singapore's Temasek. The report calls for major efforts to deepen capital markets, enhance human capital and innovation, and bolster the services sector, among others.