India has the potential to achieve 9% growth rate and become a $10 trillion economy by 2034 on the back of concerted efforts by the corporate sector and a constructive role played by the government, a PwC report said on Monday.
"India is on the cusp of major change... For India to take the winning leap and grow its GDP by 9% per annum to become a $10 trillion economy, a concerted effort from corporate India, supported by a vibrant entrepreneurial ecosystem and a constructive partnership with the government will play a critical role," said the PwC report, 'Future of India - The Winning Leap'.
Up to 40% of India's $10 trillion economy of 2034 could be derived from new solutions, it said. The report added however that the Winning Leap should not be limited to a new approach of solutions but rather needs to be seen as a play-top-win mind set.
"The world economic picture is pretty challenging in the next 12-18 months. Having said that we are talking about all the opportunities that are here in India and they are significant," PricewaterhouseCoopers (PwC) International Ltd Chairman Dennis Nally said after releasing the report.
"I think with the right type of collaboration between government and private sector, the potential of this economy is much bigger than 5% that is currently forecasting," he added.
The report said that each of the key areas -- education, healthcare, agriculture, retail, power, manufacturing, financial services, urbanisation and the enabling sectors such as India's digital and physical connectivity -- face challenges and their resolution will need new and scalable solutions that are resource efficient and environmentally sustainable.
It emphasised upon the need to tap into the vast human resource capital available in the country and the Human Development Index (HDI) needs radical improvements over the next two decades.
"A young demographic, paired with a burgeoning middle-class that is digitally enabled, is a once in a lifetime opportunity for India to develop economically and socially.
India can only build shared prosperity for its 1.25 billion people by transforming the way the economy creates value," Nally said.