India can become $7 trn economy by 2030: Volvo Group president Kamal Bali

India can become a USD 7 trillion economy, doubling its current size, by 2030, and the impact of this economic expansion will also be felt on an individual level with per capita income expected to surge, Volvo Group India president and managing director Kamal Bali said on Friday.

India is the fifth-largest economy, with a GDP of over USD 3.7 trillion.

Commenting on the exponential growth, Kamal Bali, who is also Chairman, CII Southern Region, said, "We can become a USD 7 trillion economy, doubling our current size by 2030. This remarkable growth signifies something of utmost significance beyond mere numbers."

He was speaking at the CII Northern Region Conference on 'achieving excellence in manufacturing' with the theme of 'Powering the Disruptive Technologies.'

According to a CII release, Bali said that the impact of this economic expansion will be felt on an individual level, as the per capita income of Indians, currently around USD 2,300, is expected to surge to nearly USD 4,500 to USD 5,000 per annum in the next six to seven years.

This increase in income will trigger a substantial virtuous cycle, significantly enhancing the purchasing power of India's population, said Bali.

According to Bali, India's high foreign exchange reserves are indeed a positive indicator for managing fiscal deficits. While India's rapid economic growth is noteworthy, it is equally important to recognize the resilience and responsibility demonstrated by the nation.

"People worldwide are now looking up to India for various reasons, and its responsible financial approach plays a significant role in this admiration," he said.

He highlighted critical shifts in the manufacturing landscape, saying, "the era of partnerships and collaborations is upon us, as we witness the increasing demand for holistic sustainability and the emergence of technologies shaping every sector."

Bali shared a detailed presentation wherein he emphasised these critical shifts for achieving excellence in manufacturing.

The conference also featured esteemed industry leaders, each sharing their valuable perspectives on the pivotal role of sustainability and collaboration in achieving manufacturing excellence.