India to become the 3rd largest economy in next five years…..
Prime Minister Narendra Modi, addressing from the Red Fort on India’s 77th Independence Day, remarked that India was the world’s tenth-largest economy in 2014, but it now ranks fifth.
In his Independence Day address, Prime Minister Narendra Modi stated that if his government is re-elected for a third consecutive term, India will be among the top three economies in five years.
“When we arrived in 2014, we were ranked tenth in the world economy, and today, the persistent efforts of 140 crore countrymen have finally paid off, as we have risen to fifth in the world economy,” the Prime Minister stated.
According to IMF forecasts, India surpassed the United Kingdom to become the world’s fifth largest economy in September, trailing only the United States, China, Japan, and Germany.
The Indian economy expanded at a 7.2% in 2022-23 and is predicted to develop at a slower rate of 6-6.5% this fiscal year. Many agencies are anticipated to revise their fiscal year GDP growth forecasts when the first quarter GDP data is revealed on August 31.
According to many agencies, India might become the world’s third-largest economy by 2030, if not by 2027.
“India will be a $3.7 trillion economy in 2023, maintaining its lead over the United Kingdom as the world’s fifth largest economy,” the Reserve Bank of India’s January bulletin stated. According to IMF projections, India would rise to fourth position in 2025 and third place in 2027 as a US$5.4 trillion economy.
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