India to become largest economy by 2020: K K Birla

By Staff
|
Google Oneindia News

Kolkata, 14 Jan (UNI) India will become the largest economy of the world by 2020 from being the 4th largest economy currently, according to Dr K K Birla said.

Sharing his thoughts on "The Industrial and Financial scenerio of India by 2020" at the city yesterday, the doyen of Indian industry said, ''The gross domestic product(GDP) would grow by about 15 per cent.'' He also predicted that the per capita income would be increase by 2.64 times bringing down the poverty level of the country.

Speaking about oil price hike, he said the oil prices was on the rising trend and the price would become US $ 70 by 2020.

''Indian economy had made a considerable progress in the past few years,'' Dr K K Birla said.

The goverenment has achieved significant corrections in the finances in 2004-2005, keeping the fiscal deficit down to 4.4 per cent, he said.

He also predicted that in the coming years, India would be able to bring down its deficit to less than one per cent. This would send out positive signals to global investors, credit rating agencies and lending bodies and could help India attract higher capital inflows.

In the coming years, the number of cars would increase from current one million users there would be six million car users in 2020. The number of phone users would also increase from 170 million to 500 million.

The massive developement had ushered in the IT sector would continue in the years to come, he added.

The retail sector also holds a huge potential for growth with giant MNC's like Walmart planing to invest in India.

Dr Birla had also given some suggestion to the Indian government to help continue the economic boom. ''Firstly the government should try to frame a proper labour law which would help to reduce the friction between the management and the work force. Secondly, the it should try to usher in another Green Revolution to boost the sagging GDP in agriculture and the good companies should not be disinvested.

Earlier Dr Birla released a book ' Sixty years of Sangeet Kala Kendra' commemorating the 60 years existence of the institution.

UNI

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X