ZeeBiz Exclusive: India may become $10 trillion economy in 10 years, says Morgan Stanley’s India head Ridham Desai
Desai pointed out that most foreign institutional investors have not understood India and its potential well and this report is one of many efforts to hint them about India becoming a global power in a decade.
$10 Trillion Economy: In an exclusive conversation with Zee Business Managing Editor Anil Singhvi, Morgan Stanley India’s Managing Director Ridham Desai quoting the latest report said, “India will become a $10 trillion economy in the next ten years (decade) and will be ranked third after the US and China.
Besides the economy, India’s market capitalisation shall also swell and may stand in the third position in the next decade (2022-2032), the managing director of Morgan Stanley India said.
India is gaining power in the world economy, and in Morgan Stanley's opinion these idiosyncratic changes imply a once-in-a-generation shift and an opportunity for investors and companies, the brokerage firm noted advising market participants, as per the report released on Tuesday said.
While speaking to Singhvi, Desai pointed out that most of the foreign institutional investors have not understood India and its potential well and this report is one of many efforts to hint them about India becoming a global power in a decade.
India’s overall economic performance has been brilliant in the last 30 years and going forward the country will become best performing market, Desai believes.
“India has the conditions in place for an economic boom fuelled by offshoring, investment in manufacturing, energy transition, and the country's advanced digital infrastructure,” the report said.
Key Risks Listed By Ridham Desai
1) 2024 General Elections – Desai believes electorate most likely will vote majority government (estimate). The benefit of majority government is that the policies take place as planned and economic stability is given importance.
अगले 10 साल के लिए कैसे रहेंगे बाजार?
भारत की इकोनॉमी कब आएगी टॉप 3 में?
टॉप इकोनॉमी बनने में क्या दिक्कतें?
हमें Skilled Labour की कितनी जरूरत?
लोकल इन्वेस्टर्स और FIIs में खरीदारी के लिए मचेगी होड़?
देखिए @AnilSinghvi_ की रिधम देसाई से EXCLUSIVE चर्चा@rndx1 #Economy pic.twitter.com/UstijdEAN9
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In comparison, the running an administration becomes priority in otherwise minority government.
2) Global Slowdown: At present, global economy is weak and there is no road map on how it will be in the next 5-10 years. This is concerning to India as 20 per cent GDP comes from outside.
3) Import Bill: Crude oil and global fertilizer prices shall matter for India for the next three-four years as India imports both the items.
4) Lack of Skilled Labour: India may see a rise of manufacturing plants being setup, however, there shall be shortage of skilled labour in the future.
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