Winning Bizness Desk

Mumbai. After facing a pandemic outbreak, India's economy is showing improvement. Now State Bank of India has said in its research report Ecowrap that India is likely to get the tag of the third largest economy in 2029. It will go up 7 places from the year 2014. In the year 2014, the ranking of the Indian economy was 10th.

Fastest growing economy

In the report of the Economic Research Department of SBI, it has been said that India's GDP growth rate in the first quarter of the current financial year (2022-23) was 13.5 percent. If this momentum continues, then the Indian economy will be the fastest growing economy in this financial year.

India overtakes Britain, becomes world's 5th largest economy

India's GDP growth rate for the fiscal year 2022-23 is currently estimated at 7.7 per cent from 6.7 per cent. The report said that amid the uncertainties in the world, we believe a growth of 6 per cent to 6.5 percent is the 'new normal' for India. On the other hand, Bloomberg report states that India has become the 5th largest economy in the world, leaving Britain behind. With this, Britain has slipped to 6th place. A decade ago, India was ranked 11th among the largest economies, while Britain was at number five.