States will lead the country’s rapid expansion, with Maharashtra, Tamil Nadu, Gujarat, Uttar Pradesh and Karnataka among those expected to each achieve a $1 trillion economy, the financial services firm said.
Gujarat, Maharashtra and Telangana are now the top-performing states by GDP, while others like Chhattisgarh, Uttar Pradesh and Madhya Pradesh have significantly climbed economic rankings over the last five years, it noted.
The country’s decentralised growth, driven by state-level reforms and industrial expansion, will be a critical engine in achieving national economic targets, the report observed.
India is likely to contribute around a fifth to global economic growth in the coming years, a trend that is expected to boost the earnings of multinational corporations with exposure to the country, it said.
The success of India’s ‘competitive federalism’, it added, will determine whether the country can become a global manufacturing hub, double per capita income within seven years, and sustain the momentum in capital markets.
ALCHEMPro News Desk (DS)
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