India is set to become the third largest economy in the world by 2029. A State Bank of India report said India will surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth. The report said that the country has undergone a large structural shift since 2014 and is now the 5th largest economy overtaking the United Kingdom. The path taken by India since 2014 reveals the country is likely to get the tag of 3rd largest economy in 2029, a movement of 7 places upwards since 2014 when India was ranked 10th, it said. The report is authored by Soumya Kanti Ghosh, group chief economic adviser, SBI.
Finance Minister Nirmala Sitharaman said, the International Monetary Fund’s own forecasts show India overtaking the UK in dollar terms on an annual basis this year. This has put India, the Asian powerhouse, just behind the US, China, Japan and Germany. Mrs Sitharaman said, a decade ago, India ranked 11th among the largest economies, while the UK was 5th. Talking exclusively to AIR News, Economic Analyst AK Bhattacharya said, if the robust growth continued, within a few years, India could be the third largest economy in the world.
Arvind Virmani, Former Chief Economic Advisor said that India is moving up the power scale and according to the earlier forecast by 2028 – 2030, we will become the third largest economy in the world.