India Will Become The World’s Third-largest Economy By 2029
India will become the world’s third-largest economy by 2029: Indian Economy.
Germany and Japan will be left behind by India. The economy of India is growing at the fastest rate in the whole world.
Due to structural changes made since 2014, India’s economy has now overtaken the United Kingdom to become the 5th largest economy in the world.
With these changes, according to the current growth rate, India will become a bigger economy than Germany in 2027 and Japan by 2029.
All these things have been said in a research report released by SBI.
The Economic Research Department of SBI has reported that in December 2021, India’s economy has overtaken the UK to become the fifth largest economy in the world.
It will be the third largest economy in the world by 2029.
During this period, the Indian economy will grow by seven places. The ranking of the Indian economy was 10th in 2014.
SBI’s Group Chief Economic Advisor, Soumya Kanti Ghosh said that according to the current growth rate, India should overtake Germany in 2027 and Japan in 2029. This would be a great achievement.
India’s economy will grow rapidly.
It has been told in the report that the growth rate of India’s economy has been 13.5 percent in the first quarter of the financial year 2022-23.
India is the fastest growing economy among the major economies this financial year. India’s GDP growth rate for the fiscal year 2022-23 is estimated at 7.7 percent from 6.7 percent currently.
The report said that amid the uncertainties in the world, we believe a growth of 6 percent to 6.5 percent is the ‘new normal for India.
Increase share in global trade.
India’s share in the global economy has increased to 3.5 percent, which may go up to 4 percent by 2027. 2014 it was 2.6%. At present, Germany’s share in the global economy is 4 percent.
