India to break into top 3 economies by 2030, add as much as EU GDP in 6 years, says M&M's Anish Shah

The MD of Mahindra & Mahindra expects India's GDP to surpass $7.2 trillion by 2030, ahead of Japan and Germany.

By Ketan Thakkar calendar 14 Jun 2024 Views icon4274 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
India to break into top 3 economies by 2030, add as much as EU GDP in 6 years, says M&M's Anish Shah

Anish Shah, MD of Mahindra & Mahindra, says it is a rare moment in India's history, "which will add as much as the European Union to the global GDP by 2030."

Shah believes that India can become one of the top three economies in the world, with a GDP of 7.2 trillion by 2030.

The investor presentation, uploaded on the Bombay Stock Exchange, showed that the Indian economy is set to grow 95% from $3.7 trillion in 2023 to $7.2 trillion by 2030, ahead of Japan and Germany.

Shah believes that the Indian economy has the potential to grow to $30 trillion by 2047 when India will celebrate its 100th year of independence. As part of Viksit Bharat Vision 2047, he expects that 25% of the GDP contribution will come from the manufacturing sector, of which the automotive industry will be a key driving force.

This means the manufacturing sector will grow 16 times in the next quarter of a century, whereas exports could increase 11 times to $8.7 trillion by 2047. He expects women's participation in the workforce to more than double to 45% of the labour force from the current 20%, and the per capita income in India to grow to $17,500.

For its part, Mahindra & Mahindra has already outlined its strategic alternative, which is to capitalise on its leadership in the SUV and Farm sector, unlock the full potential of Mahindra Finance and Tech Mahindra, and increase its growth gems, such as Mahindra Last Mile Mobility, Classic Legends, and Mahindra Accelo, by five times in the coming decade. 

M&M has already lined up an investment of over 27000 crore under its automotive and farm business.

Mahindra is currently participating in 70% of the sectors that contribute to the Indian GDP growth, and the company would strategically add new sectors where it can add value, claims the company.

Tags: M&M,Anish Shah
RELATED ARTICLES
How Hyundai IPO marks the start of an ambitious new chapter in the carmaker's story in India

auther Autocar Pro News Desk calendar13 Jul 2024

Under the umbrella of its Korean parent, Hyundai Motor India evolved into a highly profitable automaker. Now, with the i...

Royal Enfield working on 250cc bike

auther Autocar Pro News Desk calendar13 Jul 2024

250cc engine platform codenamed V.

Top 5 electric scooters perfect for carrying more

auther Autocar Pro News Desk calendar13 Jul 2024

The electric scooters on this list highlight the growing focus on storage solutions in the electric scooter market, offe...