Equirus Securities

Equirus Securities proposes tax rationalisation to unlock capital and deepen bond markets as part of 20-step roadmap for India's $20 trillion economy by 2036

Equirus Securities has proposed a comprehensive tax rationalisation plan aimed at unlocking capital and enhancing India's bond markets, as part of a 20-step strategy to propel the nation towards a $20 trillion economy by 2036, according to a recent report released on Sunday.

investmentguruindia.com investmentguruindia.com16 August 2026 · 23:17 UTC
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Equirus Securities has outlined a 20-step roadmap to help India achieve a $20 trillion economy by 2036, emphasizing the need for sweeping tax reforms. The report suggests rationalising taxes on fuel, investment income, corporate bonds, and equities to enhance capital allocation and economic growth.145

One key recommendation is to bring fuel under the Goods and Services Tax (GST), which could potentially unlock around ₹5.5 lakh crore across the economy. This change is expected to lower logistics costs from 9% to 7% of non-services GDP, contributing an additional 0.3-0.4 percentage points to annual economic growth.23

Equirus also highlights that aligning the tax treatment of bonds and equities could significantly develop the corporate bond market, which currently stands at 18% of GDP compared to 130% for equities. Achieving parity with China’s bond market could create an additional ₹54 lakh crore in financing capacity.

The brokerage estimates that lowering borrowing costs could save borrowers nearly ₹2.2 lakh crore annually, equating to 0.63% of GDP. Furthermore, cutting Tax Deducted at Source (TDS) on investment income to a flat 5% could release around ₹13.4 lakh crore back into financial markets, enhancing liquidity and growth potential.67

Key Insight
“The report estimates logistics costs could fall from 9% to 7% of non-services GDP, adding 0.3-0.4 percentage points to annual growth and an export gain of $60 billion. It also suggests cutting TDS on investment income to 5%, potentially releasing Rs 13.4 lakh crore of working capital.”
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“The sweeping tax reforms are needed to unlock capital, lower financing costs and deepen India’s capital markets as part of a 20-step roadmap aimed at helping the country achieve a $20 trillion economy by 2036, a new report said on Sunday.”
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EARLIER IN THE STORY:
Equirus report outlines five growth engines—human capital, markets, services, governance, currency—to help India hit $20 trillion economy by 2036; quick wins include 10-year cold storage holiday
livemint.comlivemint.com
Equirus report outlines five growth engines—human capital, markets, services, governance, currency—to help India hit $20 trillion economy by 2036; quick wins include 10-year cold storage holiday

India can become a $20 trillion economy by 2036 by adapting five growth engines — human capital, markets, services, governance and currency, according to an Equirus policy report.

2.3x Return2036 EconomyCold Storage
2026-08-16
TL;DR by CuriousCats.ai
  • India's road to becoming a $20 trillion economy by 2036 can be achieved by adapting five growth engines—human capital, markets, services, governance and currency, according to an Equirus policy report.
  • Quick wins include a 10-year holiday for cold storage to attack a threadbare cold chain—only about 4% of India’s fruit and vegetables travel refrigerated, against 80% in the United States—and reclaim a share of the roughly 50 million tonnes of horticulture lost every year.
  • The report suggests bringing fuel under GST as logistics taxes India's smallest firms the hardest, eating up about 17% of output for the tiniest businesses but only 8% for the largest.
  • A mandatory floor on state capital spending, after states left about ₹2.3 trillion of budgeted capex unspent in FY26, could add close to ₹5.2 trillion to GDP without a rupee of new borrowing.
  • Listing the Railways would free the roughly ₹2.8 trillion of taxpayer capital it absorbs each year.
  • The report estimates around ₹3.4 trillion of direct costs against about ₹7.9 trillion of direct gains—a net gain of some ₹4.5 trillion, or a 2.3x return.
India could reach $20 trillion economy by 2036 with 14.2 per cent rupee growth; Equirus report outlines 20-step reform agenda
Moneycontrol.com
India could reach $20 trillion economy by 2036 with 14.2 per cent rupee growth; Equirus report outlines 20-step reform agenda

India could reach a $20 trillion economy by 2036 if it raises underlying rupee growth to around 14.2 per cent and achieves sustained annual rupee appreciation of about 3-3.6 per cent, according to a research report by domestic brokerage firm Equirus.

2036 EconomyAdvance TaxEconomic Impact
2026-08-16
TL;DR by CuriousCats.ai
  • 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.
  • 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 would require the economy to expand roughly 5.5 times and sustain nominal dollar growth of around 18 per cent annually, well above its historical 10-11 per cent trend.
  • The proposed reforms span the real economy, capital markets, human capital, services and urban governance.
  • Services currently account for about 54 per cent of GDP and would need to rise beyond 65 per cent, expanding from roughly $2 trillion to more than $11 trillion.
  • The brokerage estimates the reform package would generate about ₹7.9 trillion in annual direct gains against costs of roughly ₹3.4 trillion, implying a net gain of ₹4.5 trillion.
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