India To Emerge As 3rd Largest Economy Of World By 2029

India To Emerge As 3rd Largest Economy Of World By 2029

• 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 share of India’s GDP is now at 3.5 per cent, as against 2.6 per cent in 2014, and is likely to cross 4 per cent in 2027, which is the current share of Germany in global GDP,” the report added.

• However, in terms of GDP per capita, India still lags behind most economies in the world. As per World Bank data it had a GDP per capita of $2,277 in 2021, whereas the UK had a per capita income of $47,334. China’s per capita income was nearly six times India’s at $12,556 in 2021.

Weekly Current Affairs (Economy) Bitbank: Which Indian state was the highest receiver of FDI Equity Inflow during FY 2021-22?

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Published date : 06 Sep 2022 05:05PM