Indian economy expected to reach USD 6 trillion by 2020

Coimbatore: Former ISRO chairman and Planning Commission member K Kasturirangan on Sunday said if India sustains a nine per cent GDP growth then by 2020 its economy is expected to approach USD six trillion.

Kasturirangan said that the size of Indian economy would expand close to USD 1.8 trillion in the next 2-3 years.

"If the present expectations which are reasonable and realistic, fructify, India is poised to become a world power," he said.

"If we maintain the present rate of growth of GDP at around nine per cent, by the end of the present decade, 2020, this economy is expected to approach USD six trillion, with per capita GDP crossing USD 4,500 from the present USD 1,500", Kasturirangan said in his Graduation Day address at Kumaraguru College of Technology here.

"If all goes well," the economy could even grow to 9-10 USD trillion and per capita income could rise to in excess of USD 6,000 by 2025, he said.

Talking about India`s space programme, Kasturirangan said since its inception, the secret behind its success has been "team work".

"India is globally recognised today as a significant space faring nation. This is the result of teamwork in facing several challenges squarely and maintaining focus on our goals," he said.

In the case of India, the role of technology is important since we became independent from colonial rule only about six decades ago and the need for development on several fronts is acute, he said.