India to become 3rd largest economy by 2029
India is expected to become the world’s third-largest economy by 2029 due to the path taken by the country since 2014, the SBI Ecowrap report said. The share of India’s GDP is now at 3.5 percent, as against 2.6 percent in 2014, and is likely to cross 4 percent in 2027, the current share of Germany in global GDP.
India has undergone a large structural shift since 2014 and is now the 5th largest economy.
Interestingly, India surpassed the UK as the 5th largest economy as early as December 2021 itself and not recently as is being claimed.
“The path taken by India since 2014 reveals India is likely to get the tag of 3rd largest economy in 2029, a movement of 7 places upwards since 2014 when India was ranked 10th. India should surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth,” the report said.
“In coming days India is likely to be the beneficiary as China slows down in terms of new investment intentions,” the report added.
India’s GDP growth in Q1FY23 was 13.5 percent. At this rate, India is likely to be the fastest growing economy in the current fiscal. Interestingly, even as estimates of India’s GDP growth rate for FY23 currently range from 6.7 percent to 7.7 percent, we firmly believe that it is immaterial.
“In a world that is ravaged by uncertainties, we believe 6 to 6.5 percent growth is the new normal. Nevertheless, we make a passionate urge to update the IIP basket that is composed of a 2012 set of products and is hopelessly outdated.”
Next Story :
Odisha: Smoke from Coach Halts Secunderabad-Agartala Express
The Secunderabad-Agartala Express train came to a halt at Berhampur railway station in Odisha on Tuesday after passengers alerted railway officials about smoke emanating from an air-conditioning unit inside one of the coaches, according to officials.
Mancherial: Man Dies of Sunstroke
A sunstroke claimed the life of an elderly man in the town, forcing his family to suspend the engagement of his daughter slated for Monday evening.
Hyderabad: Woman Electrocuted While Trying to Save Child
A woman died due to electrocution at an apartment in KPHB on Tuesday afternoon while trying to rescue a child.
I know We’ll Field a Good Team And Enjoy A Good Season: Manolo Marquez
Manolo Marquez, speaking in his first press conference since being announced as FC Goa’s new head coach sounded upbeat about the upcoming 2023-24 season, as he takes over the reins of the Gaurs after three successful years with Hyderabad FC.
MANUU Signs MoU With IIIT Hyderabad
The H.K. Sherwani Centre for Deccan Studies (HKSCDS), Maulana Azad National Urdu University (MANUU) today entered into a Memorandum of Understanding (MoU) with Department of Design, Indian Institute of Technology Hyderabad (IITH) to jointly work on the emerging initiative of Science and Heritage.
Now you can get latest stories from Indtoday on Telegram everyday. Click the link to subscribe. Click to follow Indtoday Facebook page and Twitter and on Instagram. For all the latest Hyderabad News updates