Now Reading: Equirus report says India can be $20 trillion economy by 2036
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Equirus report says India can be $20 trillion economy by 2036
India can become a $20 trillion economy by 2036 if it carries out sustained structural reforms, according to an Equirus research report. The report proposes a 20-step agenda including listing Indian Railways, bringing fuel under GST, cutting TDS to a flat 5%, creating a sovereign wealth fund and abolishing advance tax. Equirus estimates the reforms could generate a net gain of around Rs 4.5 lakh crore in the first year. Finance Minister Nirmala Sitharaman separately told Parliament that India's GDP is projected to hit $5.1 trillion by 2028-29, as per the IMF.
The Equirus report says the economy must grow 5.5 times from its current $3.7 trillion base, requiring sustained nominal dollar growth of 18%. Prime Minister Narendra Modi posted on X that GDP growth of 7.7% in FY26 reflects reform success. EY's analysis warns that West Asia conflict, El Nino and AI disruption pose risks to India's long-term growth, though OECD projections see India overtaking the US economy by 2045 in PPP terms.
Indian Opinion Analysis
The coverage splits sharply. PM India and Economic Times lead with the government's own optimistic framing: Modi's 7.7% GDP growth claim and Sitharaman's IMF-backed $5-trillion target. Equirus and Asianet Newsable present a private-sector roadmap that is ambitious but conditional on 20 reforms, none of which the government has endorsed. EY offers a sober counterpoint, flagging external risks the official narrative ignores. The middle ground: India's growth is strong but faces structural headwinds, and the $20-trillion goal depends on reform execution, not just headline GDP. Watch the next Budget for any sign of railway listing or TDS reform.
Coverage: 5 sources, 2 pro-government, 3 neutral
Sources (5): fortuneindia.com (neutral report), newsable.asianetnews.com (neutral report), m.economictimes.com (pro government), pmindia.gov.in (pro government), ey.com (neutral report)
This story was synthesised by AI from the 5 sources linked above. Methodology and corrections.
Updated: this story now draws on 5 sources.
