Road map for ‘a $10-trillion economy’

An agent at a money changing outlet counts U.S. dollar notes as Indian currency lies on a desk in Bangalore, India, Tuesday, Aug. 9, 2011. The Indian rupee recovered from a two-and-a-half month low against the U.S. dollar in a volatile session Tuesday as a late pullback in local stocks helped support the local unit, according to news reports. (AP Photo/Aijaz Rahi)

If India wants to build a $ 10-trillion economy by 2034, growing at a rate of 9 per cent a year, it will have to focus on investments in R&D and undertake radical improvements in the Human Development Index, PricewaterhouseCoopers (PwC) said in a report released on Monday.

The report defined three possible scenarios for India’s economic growth. Of the three, the “Winning Leap” is the most aggressive growth scenario and the only one that will generate the 240 million new jobs India’s growing demography needs, said a PwC statement on the report.

The three scenarios are not growth projections, PwC clarified at the launch of the report here on Monday. “India can only build shared prosperity for its 1.25 billion people by transforming the way the economy creates value,” said PwC International chairman Dennis Nally at the launch. The other two economic growth scenarios in the report are “Pushing old ways faster” and “Turbocharging investment.”