1. India to become 3rd largest Economy in the world by 2037; CEBR
Tags: Reports Economy/Finance
The United Kingdom based economics consultancy firm Centre for Economics and Business Research (CEBR) has predicted that India will become the third-largest economy by 2037.
Its annual report titled ‘World Economic League Table’ tracks macroeconomic developments globally and countrywise. It presents forecasts for 191 countries of the world.
According to the 14th edition of the report released on 26 December 2022, it says that in the next five years India's annual economic growth is expected to average 6.4%. After that, the growth is expected to average 6.5% in the subsequent nine years.
It expects the Indian economy to grow by 6.8% in 2022-23.
The reported growth trajectory will see India rise from fifth place on the World Economic League Table’ in 2022 to third in the global rankings by 2037 after China and the United States of America.
According to the International Monetary Fund (IMF), India is expected to become the 3rd largest economy in the world by 2027-28. According to the SBI EcoWrap report India is likely to become the 3rd largest economy in 2029.
According to the IMF India is likely to overtake Great Britain and become the 5th largest economy in 2022-23 after the United States, China, Japan and Germany.
2. India set to become 3rd largest economy in the world by 2027-28: IMF
Tags: Economy/Finance
According to the World Economic Outlook Report 2022 released by the International Monetary Fund (IMF) on 11 October 2022, India is expected to become the third largest economy in 2027-28 by overtaking Japan. Earlier SBI in its report had predicted that India will become world's 3rd largest economy by 2028-29.
India still 6th largest economy in the world
However India is still the 6th largest economy in the world after the United Kingdom in 2021-22. The Indian Gross Domestic Product (GDP) 2021-22 was $ 3.18 trillion while the United Kingdom GDP was $ 3.19 trillion.
According to the IMF India will overtake the UK in 2022-23. India would become a $3.47-trillion economy in 2022-23, while the UK’s would be $3.2 trillion in the same period.
Earlier, a Bloomberg report stated that India has overtaken the UK in the fourth quarter of 2021-22, basing it on IMF data. However, that comparison was made on quarterly data and not on yearly data.
Future Projection of Indian Economy
According to IMF projections, the Indian Economy will be equal to the German economy in 2025-26 and will become the 4th largest in the world.
India’s economy will not be able to achieve the $5 trillion mark as hoped by the Finance Ministry by 2026-27 but it will be a $4.94 trillion economy.
In 2027-28 the India economy is expected to be at the $5.36-trillion mark, higher than Japan’s at $5.17 trillion. That year, India would become the third-largest economy.
According to the IMF, the United States was the largest economy in the world followed by China, Japan, Germany and the United Kingdom.
Managing Director of IMF: Kristalina Georgieva
IMF headquarters: Washington D.C, United States of America
3. India set to become third largest economy in the world by 2029: SBI
Tags: Economy/Finance
State Bank of India (SBI) in its latest research report Ecowrap published on 3 September 2022 has projected the Indian economy to become the third largest economy by surpassing Japan in 2029.
Quoting IMF data, a recent Bloomberg report has said that the Indian economy overtook the United Kingdom economy at the end of December 2021 to become the 5th largest economy in the world.
At present the world’s largest economy is the United States followed by China, Japan and Germany and India.
Main points of the report :
The Indian economy grew by 13.5% in the first quarter of the financial year 2022-23. India is still the fastest growing economy amongst the major economies in the world .
The SBI research paper assumes that the Indian economy will grow at an average growth rate of 6 per cent to 6.5 percent in the foreseeable future .
If it happens then the Indian Gross Domestic Product( GDP) share in the world GDP which is now at 3.5 per cent, is likely to cross 4 per cent in 2027, the current share of Germany in global GDP.
With this growth rate the Indian economy will become the third largest economy in the world by 2029. In 2014 India was ranked the 10th largest economy in the world .
It will surpass Germany in 2027 and Japan in 2029.
Note :
SBI has assumed Nominal GDP while making this forecast.
India’s Transition since 2014 :
Rank in the world | Year |
10 | 2014 |
7 | 2015 |
6 | 2019 |
5 | 2022 |
4 | 2027 (provisional) |
3 | 2029 (provisional) |
Source IMF, SBI research
