'India has the potential to become a multi-trillion dollar economy'

World Bank official says if India can manage to grow at 7% for the next 35 years, it will be the second largest economy

India has the potential to become a multi-trillion dollar economy with a per capita income of about $40,000 by 2050 if it manages to grow at seven per cent annually, for the next 30-35 years, a World Bank official has said.

"If we can manage to grow at seven per cent for the next 35 years, we will be the second largest economy," World Bank executive director for Bangladesh, Bhutan, India and Sri Lanka Subhash Chandra Garg said.

Addressing the Indian-American community at the Indian consulate, Garg underlined that India will have to transform its agriculture completely, grow its services and manufacturing sectors, and give a boost to health care and tourism.

He noted that a "big challenge" will be to get people out of agriculture and use them in the manufacturing and services sectors, while also ensuring that agricultural production in the country increases. He acknowledged that the Indian government's push on manufacturing through its Make in India initiative is required to boost the sector in the country and contribute to economic growth.