Equirus projects India $20 trillion by 2036

Domestic brokerage Equirus Capital published a research report projecting that India could become a $20 trillion economy by 2036, provided it achieves underlying rupee growth of around 14.2% and sustained annual rupee appreciation of 3-3.6%. The report outlines a 20-step reform agenda spanning the real economy, capital markets, human capital, services, and urban governance. Key proposals include bringing fuel under the Goods and Services Tax (India), enforcing state capital-expenditure floors, listing India — Indian Railways, creating an Indian sovereign fund, expanding private education capacity, reviving private-sector R&D, deepening corporate bond markets, and reducing tax-related working-capital frictions. The report estimates that abolishing advance tax could release around ₹10 trillion of working capital, while a flat 5% TDS could unlock another ₹13.4 trillion. Services are expected to become the principal growth engine, with their share of GDP rising from about 54% to over 65%. A proposed National GCC policy could increase global capability centres from over 1,800 to 5,000, generating $470-600 billion in economic impact and creating 20-25 million jobs. Tourism promotion could add about $21 billion annually in foreign exchange receipts. The reform package is estimated to generate about ₹7.9 trillion in annual direct gains against costs of roughly ₹3.4 trillion, implying a net gain of ₹4.5 trillion. The report cautions that achieving the $20 trillion milestone will depend on execution across multiple fronts.