5 days ago
India Economy Could Reach $5.1 Trillion by FY29
OmniScience Capital says India’s economy may become worth $5.1 trillion by FY29.
This is its more realistic, or base-case, estimate.
The estimate assumes the economy keeps growing and prices rise moderately.
It also assumes the rupee loses some value against the US dollar each year.
A more optimistic estimate puts the economy at $5.9 trillion by FY29.
India missed its earlier $5 trillion goal because of the Covid-19 contraction, financial stress and rupee depreciation.
The firm says banks are now healthier than they have been in 20 years.
It also says companies may be ready to invest more, which could support future growth.
OmniScience Capital projects India’s economy could reach $5.1 trillion by FY29 under its base-case scenario.
The projection assumes 6.5% real growth, 4% inflation and 2.5% annual rupee depreciation.
An optimistic scenario puts the economy at $5.9 trillion by FY29 and $11 trillion by FY35.
India’s GDP was $4.1 trillion in FY26, after nominal dollar growth of only 5.4% annually since FY19.
The firm cites stronger banks, healthier corporate balance sheets and potential capital expenditure as growth supports.
- Who
- OmniScience Capital, an investment firm, issued the analysis.
- What
- The firm forecast that India’s economy could reach $5.1 trillion by FY29 in a base-case scenario, or $5.9 trillion under an optimistic scenario.
- Where
- India.
- When
- The analysis was released on August 28, 2026; its projections cover FY29 and FY35.
- Why
- The forecast is based on expected real growth, inflation and rupee depreciation, alongside improving bank and corporate balance sheets.
Base-Case Outlook
Optimistic Outlook
India’s FY29 economic size
Base-Case Outlook
OmniScience Capital estimates the economy could reach $5.1 trillion by FY29 under assumptions of 6.5% real growth, 4% inflation and 2.5% annual rupee depreciation.
Optimistic Outlook
Under 7% real growth and 2% annual rupee depreciation, the firm estimates the economy could reach $5.9 trillion by FY29.
Longer-term potential
Base-Case Outlook
The base-case analysis focuses on a more realistic path to $5.1 trillion by FY29.
Optimistic Outlook
The optimistic scenario projects that India could reach $11 trillion by FY35.
Key facts
- Base-case FY29 projection
- $5.1 trillion
- Optimistic FY29 projection
- $5.9 trillion
- Optimistic FY35 projection
- $11 trillion
- FY26 GDP
- $4.1 trillion
- Base-case assumptions
- 6.5% real growth, 4% inflation and 2.5% annual rupee depreciation
- FY21 contraction
- GDP contracted 4.15% during the Covid-19 pandemic
- Recent real GDP growth
- Averaged 7.4% between FY22 and FY26
Sources
Related news
India Projects 7.6% Real GDP Growth for FY2026
India’s FY26 Growth May Near 7%, Exceeding RBI Forecast
India Could Reach $20 Trillion Economy by 2036: Equirus
RBI Deputy Governor Says India Growth May Beat Forecast
India’s GDP Growth Accelerates to 7.8% in 2025-26
Non-AI diversification may boost India’s foreign portfolio inflows
OmniScience Report Favors PSU Banks for Medium-Term Alpha
