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India may transform into an upper middle income economy by FY33-36: India Ratings and Research

Listing out various scenarios, the agency said that to become a $5 trillion economy by FY30 with per capita income of $ 3,467, the economy would require a real GDP growth rate of 6.25%, GDP deflator growth 3.5% and INR/USD depreciation 3.25%. But to transform to a $5 trillion economy by FY2029 with capita income of $ 3,530, real GDP growth per annum would have to be faster at 8%.

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