India can reach $20 trillion by 2036 with reforms: Equirus

India can become a $20 trillion economy by 2036 if it pursues sustained reforms across infrastructure, capital markets, human capital, services and urban governance, according to an Equirus research report cited by chinimandi.com. The report notes that India would need to expand its economy roughly 5.5 times from the current base of about $3.7 trillion, requiring sustained nominal growth of around 18 per cent in dollar terms. It points to China's precedent as evidence that such a trajectory is possible, and proposes a 20-step reform agenda built around five pillars including real economy, capital markets, human capital, services, and governance.

Separately, Finance Minister Nirmala Sitharaman told the Rajya Sabha on Tuesday that the Indian economy is poised to cross the $5 trillion mark in FY29 as per the IMF's April 2026 World Economic Outlook database, as reported by newindianexpress.com. She outlined the government's broad-based growth strategy focusing on agriculture, manufacturing, MSMEs, infrastructure, tax reforms, innovation, digitalisation, and human capital. The government's measures include Production Linked Incentives, Make in India, PM GatiShakti, and the PM-SETU skilling scheme to support the long-term vision of Viksit Bharat by 2047.

The Equirus report estimates that closing the gap between budgeted and actual state capital expenditure could add about Rs 5.2 trillion to GDP without additional borrowing. It also proposes an India sovereign fund modelled on Singapore's Temasek, pooling government equity holdings in public-sector companies with potential seed capital of about $249 billion. The report suggests that the reform package could yield net gains of around Rs 4.5 trillion in the first year, with direct costs estimated at Rs 3.4 trillion against gains of Rs 7.9 trillion.