September 3, 2022
1 min read

India likely to become third largest economy by 2029

India had surpassed UK as the 5th largest economy as early as December 2021 itself and not recently as is being claimed, reports Asian Lite News

India is expected to become world’s third largest economy by 2029 due to the path taken by the country since 2014, SBI Ecowrap report said. The share of India’s GDP is now at 3.5 per cent, as against 2.6 per cent in 2014 and is likely to cross 4 per cent 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 had surpassed 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 per cent. 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 per cent to 7.7 per cent, we firmly believe that it is immaterial.

“In a world that is ravaged by uncertainties, we believe 6 to 6.5 per cent 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we make a passionate urge to update the IIP basket that is composed of a 2012 set of products and is hopelessly outdated.”

ALSO READ: Pakistan’s petty politics with India amid economic meltdown

Previous Story

India overtakes UK to become fifth largest economy

Next Story

Myanmar’s Suu Kyi imprisoned for three more years

Latest from -Top News

Pakistan FM Due in Bangladesh

During his visit Dar will hold discussions with the Foreign Affairs Advisor Towhid Hossain and also call on Muhammad Yunus…reports Asian Lite News Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar

Balochistan: Where the State Makes People Disappear

The victims include students, journalists, and peaceful protesters, many of whom were abducted from cities such as Karachi and Islamabad….reports Asian Lite News A human rights organisation on Monday revealed that 785

Monsoon Havoc in Pakistan

Since June 26, torrential rains have killed at least 299 people—including 140 children—and injured 715 in Pakistan…reports Asian Lite News Since June 26, torrential monsoon rains have devastated Pakistan, killing at least

Bangladesh’s Dark Turn

With the Awami League outlawed and absent from the electoral fray, a vacuum has emerged — one that has not necessarily been filled with stability….reports Asian Lite News Bangladesh’s political landscape has
Go toTop

Don't Miss

ILO cheers India’s welfare boom

India’s social protection net expands by 45 percentage points in

Indian High Commission hosts 2nd Indo-Pacific Conference 

The event was co-hosted with the Australian and Singapore High