New Delhi, Aug. 16 -- India could reach a $20 trillion economy by 2036 if it can raise underlying rupee growth to around 14.2 per cent and achieve sustained annual rupee appreciation of about 3-3.6 per cent, according to a research report by domestic brokerage firm Equirus that lays out a 20-step reform agenda.

Equiris estimated that these measures could lift India's growth trajectory while strengthening the external balance, creating the conditions required for the ambitious dollar-denominated target.

India has already accelerated sharply, taking 67 years from independence to build its first $2 trillion of GDP before nearly doubling the economy in the decade after 2014. Reaching $20 trillion from the current base of about $3.7 trillion...