Now Reading: Equirus report says India can reach $20 trillion by 2036
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Equirus report says India can reach $20 trillion by 2036
India could become a $20 trillion economy by 2036 if it undertakes sweeping reforms, according to a research report by Equirus. The report estimates that the economy, currently at around $3.7 trillion,…
India could become a $20 trillion economy by 2036 if it undertakes sweeping reforms, according to a research report by Equirus. The report estimates that the economy, currently at around $3.7 trillion, would need to grow roughly 5.5 times, implying sustained nominal growth of about 18% in dollar terms. Equirus points to China's past growth as evidence such a trajectory is possible.
The report proposes a 20-step reform agenda covering infrastructure, taxation, capital markets, human capital and services. Key proposals include listing Indian Railways, bringing fuel under GST, creating a sovereign wealth fund, cutting TDS on investment income to a flat 5%, and ensuring states fully utilise their capital expenditure budgets. Equirus estimates the package would involve about Rs 3.4 lakh crore in annual costs against roughly Rs 7.9 lakh crore in direct gains.
Services are expected to be the principal growth engine, with their share of GDP rising from 54% to over 65%. The report also calls for a National GCC policy to expand India's global capability centres and boost tourism spending. Equirus says reaching the target depends on sustained execution across multiple sectors rather than any single reform.
Indian Opinion Analysis
Both Fortune India and Asianet Newsable report the Equirus proposal with neutral-report framing, each emphasising slightly different details. Fortune India leads with the Railways listing and TDS cut proposals, giving concrete numbers on working capital release and valuation. Asianet Newsable foregrounds the China comparison and the 20-step agenda's five pillars. Neither source is government-critical or sensationalist, both present the report's claims without independent verification. A careful reader should note that the $20 trillion target is an aspirational projection, not a forecast, and depends on multiple assumptions including sustained rupee appreciation. The report's proposals, while ambitious, would face significant political and implementation hurdles, particularly on fuel under GST and state capex compliance.
Word count: 120
Coverage: 2 sources, 2 neutral
Sources (2): fortuneindia.com (neutral report), newsable.asianetnews.com (neutral report)
This story was synthesised by AI from the 2 sources linked above.
