Economy expected to reach $6 trn by 2020: Kasturirangan

Former ISRO chairman and Planning Commission member K Kasturirangan today said if India sustains a 9% GDP growth then by 2020 its economy is expected to approach $6 trillion.

Kasturirangan said that the size of Indian economy would expand close to $1.8 trillion in the next 2-3 years.

"If the present expectations which are reasonable and realistic, fructify, India is poised to become a world power," he said.

"If we maintain the present rate of growth of GDP at around nine%, by the end of the present decade, 2020, this economy is expected to approach $6 trillion, with per capita GDP crossing $4,500 from the present $1,500," Kasturirangan said in his Graduation Day address at Kumaraguru College of Technology here.

"If all goes well," the economy could even grow to $9-10 trillion and per capita income could rise to in excess of $6,000 by 2025, he said.

Talking about India's space programme, Kasturirangan said since its inception, the secret behind its success has been "team work".

"India is globally recognised today as a significant space faring nation. This is the result of teamwork in facing several challenges squarely and maintaining focus on our goals," he said.

In the case of India, the role of technology is important since we became independent from colonial rule only about six decades ago and the need for development on several fronts is acute, he said.