"The economy is set to grow four times over the next ten years to a hefty Rs 205 trillion from Rs 53 trillion in the last fiscal, says a report.
'Driven by a nominal annual growth rate of 13 per cent, GDP is set to quadruple over the next ten years and the country is likely to be a Rs 205-trillion (USD 4.5 trillion) economy by 2020,' financial services company Edelweiss Capital said in its report--'India 2020: Seeing, Beyond,' which was released here today.
The report focuses on three super themes--financial services, private domestic consumption and physical infrastructure.
According to the report, gross domestic savings would grow by 3.8 times from Rs 19 trillion in FY09 to Rs 72 trillion in FY20.
'Over the next 10 years, the incremental financial savings (Rs 172 trillion) will equal four times the total financial services over the past 40 years,' it said.
The report has forecast that domestic consumption expenditure is set to triple from Rs 30 trillion in FY09 to Rs 113 trillion in FY20.
'There will be a movement from essential items of consumption such as food, clothing and footwear, among others, to discretionary items and economic enablers such as healthcare, education, recreation, amongst others,' the Edelweiss report said."
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