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India can achieve a growth rate of 10 percent in the next decade and become the second-largest economy by 2032 and the largest by 2050, said RBI Deputy Governor Michael Debabrata Patra while delivering a keynote address at Nomura’s 40th Central Bankers Seminar in Kyoto, Japan, on March 25.

Patra highlighted India’s recent economic resilience, citing a surge in growth forecasts by institutions like the International Monetary Fund (IMF), which now anticipates India to contribute 16 percent of global growth, positioning it as the fifth largest economy in the world. He underscored favorable demographic trends, stable currency dynamics, and technological advancements as key drivers of India’s growth story.

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Acknowledging challenges such as skill gaps and low female labor participation, Patra emphasized the importance of upskilling initiatives like Skill India and boosting exports to fuel economic expansion. He urged intensified efforts to raise India’s exports to USD 1 trillion each for merchandise and services by 2030, identifying sectors such as IT, agriculture, tourism, and financial services as key areas of potential growth.

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