New Delhi: India will become the third largest economy in the world by 2029, according to a report by the State Bank of India (SBI) research department. Currently, India ranks fifth behind the US, China, Japan and Germany. India will overtake Germany in 2027 for fourth place and Japan for third place in 2029. The report also observes that India, which was ranked sixth in the economy, overtook Britain to become the fifth, is not a new phenomenon and this happened in December 2021 itself.
The level of investments into China will at least benefit India. According to SBI Research, the move to bring the production of the iPhone 14 model to India is a testimony to this optimism. This move by Apple will pave the way for many companies to come to India. India grew by 13.5% in the first quarter of this financial year. China’s growth is 0.4 percent.
India: Fastest growing economy
New Delhi: India will become the fastest growing economy in the world this financial year, according to a report by the State Bank of India Research Department.
This conclusion is based on the first quarter. 6.7% – 7.7% growth is expected this financial year. According to SBI Research, 6-6.5% growth is the new norm in times of uncertainty.
Anurag Thakur says that it is the time of leap for India
New Delhi – Union Minister Anurag Thakur said that India will become a 5 trillion dollar economy within 2 years. It is a matter of pride to cross the twin milestones of being the fifth largest economy in the world and the fastest growing economy.
It may be a coincidence that India overtook Britain in its 75th year of independence. Anurag also pointed out that India achieved this feat at a time when England was struggling to survive a collapsing economy and soaring inflation.
Anurag also said that inflation has caused the cost of living to rise to levels that Western countries could never have foreseen.
English Summary: India set to become 3rd largest economy