Gradually bagging the world’s highest titles, India is in a steady race to grab all the appreciation to its account. From once being one among poor and backward countries, to the fastest growing economy, India has bagged it all. The time period from 2014- 2022, India will witness the utmost development.
Bagging yet another title, India has been predicted to become the 11th wealthiest nation by 2022 ahead of Switzerland, Hong Kong, Netherlands and Taiwan, as per a report by Boston Consulting Group. During the period upto 2022, India’s wealth has been predicted to grow to a whopping $5 trillion.
The report suggested that the country’s personal financial wealth, which is currently around $3 trillion, has grown at 12% CAGR or compound Annual growth rate since the past six years and is expected to accelerate to 13% from 2018 to 2022.
The above data reveals that, if India manages to accelerate at such steady speed, no power can be responsible to lead India from lagging back anymore. India is estimated to become the the only nation apart from China to have a Double Digit CAGR in terms of Personal Wealth.Besides, the report also indicated that India is set to constitute the second-largest wealth pool from emerging markets (EMs), only behind China.
Once a Backward Country, now Getting Richer..
It is worth mentioning that the BCG report also highlighted the fact that personal wealth of a high number of people in India is growing rapidly, with at least 3,20,000 people in the affluent category and have a personal wealth of up to $1 million; 87,000 people also fall in the high net worth individuals (HNWI) category with wealth between $1 million and $20 million and at least 4,000 in the ultra high net worth category (UHNWI) with a wealth valuation above $20 million.
Ashish Garg, partner and director at BCG, India, said in the report the UHNWI category witnessed the fastest Rate of Growth in India, with developments in each and every sector. With a little more efforts to put in and the country is ready to go with total development. Wealth distribution remains one of the major hindrances in the country and the gap between the affluent category and those below it are increasing with each passing day.
Apart from the wealth gap, the country also faces several external risks emerging from global trade tensions, widening current account deficit levels, the falling rupee and instability in the stock markets. There is also a fact to be considered that Indian Banking system is under the pressure of Bad loans and suffering to recover from the debt.
However,getting away from the Debt pit will be a little tough. Though, focusing on it should not be tough. A little focus can get better solutions for the Bad loans and help India progress better in the future. A little contribution from every sector adds to this chain of progress and it is a share of each one of us.
Source: Timesnow news