India set to become 3rd largest economy by 2030

Recently, State Bank of India (SBI) released a research report which states that India is likely to become the third largest economy in the world by 2029.

Highlights

The report said that India has gone through a major structural transformation since 2014 (when it was ranked 10th) and is now the 5th largest economy, overtaking the United Kingdom.

There is also a possibility that India will overtake Germany by 2027 and Japan by 2029. India is only behind 5 countries (USA, China, Japan and Germany) in terms of the size of the economy in terms of dollars.

The share of India’s GDP is now 3.5%, which was 2.6% in 2014 and is likely to cross 4% in 2027. Germany’s report on global GDP further said that India is likely to benefit as China is slow in terms of new investment intentions.

Broad-based development of empowerment will also elevate India’s per capita income above the current levels and can also act as a force multiplier for a better tomorrow.

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