The ongoing festive season has so far been good to the stock market and the economy. With Indian economy set to get a huge boost riding on the sales in the festive season, financial research agency, Morgan Stanley has given yet another reason to cheer.
According to the latest report published by Morgan Stanley, the Indian economy will grow at over 10% annually in the coming decade. According to the report, two of the most influencing factors of the projected growth rate include the surge in adoption of cashless mediums of payments and a uniform taxation system in the country. According to the report, these factors can boost the already brisk growing Indian Economy and can make it one of the largest in next one decade.
Last month too, there was another report by the same financial research company which had stated that the Indian economic growth will see an improvement of over 50 to 75 base points and it could be included in the list of economies with over $6 trillion GDP as early as by 2026. The same report had also predicted the benchmark BSE Sensex to touch 1 lakh level by the same period of time.
The report also suggests that growth of Indian GDP will be driven by increased internet penetration in the country. By 2027, it expects that over 920 million Indians will be having access to the internet and that will be a huge boost to push the digital transactions and bring the country into a single set of transparent guidelines.