Singapore-based DBS Bank projects India’s economy to grow at an average of 6.7% between 2025 and 2040, outpacing China’s estimated 3% in the same period. The report highlights manufacturing, labour productivity, and capital investment as key growth drivers.

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•  DBS Bank projects India’s GDP growth to average 6.7% during 2025–2040.
•  Growth could reach 7.3–7.5% in a bullish scenario.
•  India likely to surpass $5.6 trillion GDP by 2030 and near $11.5 trillion by 2040.
•  Per capita income seen crossing $3,700 this decade, $7,000 by 2040.
•  Growth driven by demographics, labour force, and productivity gains.
•  Labour expected to contribute 1.8 percentage points to overall growth.
•  Human capital boost through education, health, sanitation, and female workforce inclusion.
•  Capital formation to add 2.6ppt (around 40%) to GDP expansion.
•  Investment surge expected from real estate, government spending, and FDI inflows.
•  Manufacturing share of GDP to rise from 17% to 25% by 2047 with 15% annual sector growth