Economy of Sri Lanka’s neighboring India to double to US$ 5 trillion in the next 7-8 years
The Indian economy is set to double to US$ 5 trillion in the next 7-8 years as booming consumption of digital services are expected to support the addition of about US$ 2.5 trillion to the country’s wealth, Paytm founder Vijay Shekhar Sharma has said.
“It took 70 years for India to become USD 2.5 trillion economy, and now the same amount of growth will take just next 7 years,” Sharma has reportedly said while addressing Internet and Mobile Association of India’s (IAMAI) 12th (rpt) 12th India Digital Summit.
Sharma has noted that the time was ripe for entrepreneurs to create products in India for the local market.
“This is the time for Indian entrepreneurs to build something for India, from India, something that is a world- class model,” he has said.
Sharma, whose company is backed by global investment giants like Alibaba and SoftBank, has been quoted in the media as saying that the spending capacity of consumers in tier II cities and beyond is often “underestimated”.
Lauding the accomplishments of Flipkart founders Sachin and Binny Bansal, he has said the duo had “changed the country’s ecosystem”.
The forecast of India’s economy growing to US$ 5 trillion by 2025 indicates that India would become an economy that many would want to do business with. Being India’s neighbor, Sri Lanka is an advantageous position in such a scenario since the island nation has shared economic as well as trade benefits with India. Sri Lanka already has a free trade agreement (FTA) with India and is in the process of finalizing an Economic and Technical Cooperation Agreement (ETCA) with India. Sri Lanka would therefore be the ideal business destination for investors looking at penetrating the Indian market with trade benefits.
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