As the Narendra Modi government completed its ninth year in power, Morgan Stanley India MD Ridham Desai stated that a lot has changed in the last decade and that "India will be in the top 3 by 2027" in terms of absolute GDP.

In its most recent report, Morgan Stanley praised Modi's government, saying that in just ten years, India has advanced in the world order, with significant positive consequences for the macro and market outlook.

According to the report, 'India Equity Strategy and Economics: How India Has Transformed in Less than a Decade,' India will emerge as a key driver for Asia and drive a fifth of global growth over the next decade.

By the end of the next decade, India's Gross Domestic Product (GDP) will be $7.9 trillion, up from $3.1 trillion now. According to the report, India's per capita income will rise from $2,200 today to around $5,200 by FY2032.

In an interview with India Today, Morgan Stanley India MD Ridhman Desai stated, "In terms of absolute GDP, India will be in the top three by 2027." It will take much longer in terms of per capita income. We will become a middle-income economy at $5,200. Because a large portion of our population earns subsistence income, we will not be as poor as we are now. We will move out of that period in two years."