Winning Bizness Desk
As you are aware, the Indian economy has already overtaken Britain and has become the fifth largest economy in the world. But here is one more encouraging news coming from the IMF. It has said that based on the current growth rate, India will overtake Germany in 2027 and Japan in 2029 to become the third largest economy in the world. According to the research report of State Bank of India, the growth rate in the first quarter of this year has been 13.5%. At this rate, India is likely to be the fastest growing economy in this financial year. Former Chief Economic Advisor Dr. Arvind Virmani says that the journey of the Indian economy will continue and India will become the third largest economy in the world in the coming few years.
India fastest growing economy
According to the estimates, India is growing rapidly and will become the third largest economy in the world by 2028-30. Notably, in 2014, the Indian economy was the 10th largest in the world. According to the International Monetary Fund (IMF), India is no longer far behind the US, China, Japan and Germany in terms of the size of its economy. According to the IMF, in 2025-26, the Indian economy will be the fourth largest economy in the world at par with Germany. The size of the Indian economy will increase to $ 4.94 trillion in 2026-27. And after that in the year 2027-28, the Indian economy will grow to $5.36 trillion against Japan's $5.17 trillion. The size of the Indian economy was $3.18 trillion in 2021-22, whereas in 2021 the size of the UK economy was $3.19 trillion. In India, the period from April to March is considered as the financial year. Whereas in the UK, the calendar year itself is considered a fiscal year.
India will overtake Germany in 4 years
The IMF estimates that at the end of the 2022-23 fiscal year, the size of the Indian economy will be $ 3.47 trillion, and that of the UK will be $ 3.2 trillion. The size of the Indian economy will be $4.55 trillion in 2025-26. Which can remain equal to Germany. Germany's economy was one trillion dollars bigger than India in 2021-22. But in 4 years, India will be able to become the fourth largest economy, leaving Germany behind.
