INDIA To Be 3rd Largest Economy By The End Of The Decade
India To Be 3rd Largest Economy By The End Of The Decade With India overtaking the United Kingdom (UK) to become the world's fifth-largest economy, a State Bank of India (SBI) report forecasts that the country will overtake two other major economies by the end of this decade. The SBI Economic Research Department forecast that India will overtake Germany by 2027 and most likely Japan by 2029 at the current growth rate, making it the third-largest national economy in the world, a move up 7 places from 2014 when India ranked 10th. This is a remarkable achievement by any measure, says the report, authored by Soumya Kanti Ghosh , Group Chief Economic Adviser, SBI. For the first quarter of the fiscal year 2022–23, India recorded a GDP growth of 13.5%. The report states that at this rate, India is likely to be the fastest-growing economy in the current fiscal year. "Interestingly, even with an estimate of India's GDP While the FY23 growth rate is currently fluctuating between 6.7...