Economic consultancies predict India is on its way to becoming the third-largest economy and an economic superpower by 2037. Read to know more.
India is on the route to becoming an economic superpower
As per the Centre for Economics and Business Research (CEBR), a UK-based economic consultant India is on its way to becoming the third-largest economy by 2037. The 14th edition of the report revealed that over the next five years, the annual GDP growth is expected to average 6.4 percent. It started India to appear “unstoppable in its momentum”. Additionally, it predicted that in 2035, it will be the third $10 trillion economic power.
Moreover, last year’s report mentioned India will regain its position from France and see improvement in its World Economic League Table (WELT) rankings. As per the report, despite China’s modest performance in 2022, inflation is expected at 11.6 percent. Hence, the Chinese economy is facing a potential slump trade-off between its growth and price rises.
More on the current happenings
Like the rest of the world, India suffered from the Covid-19 wrath and experienced the third-highest death rate in the world. While the economic activity significantly declined in the beginning, things are looking up now. The report mentions a sharp turn in economic activity after the pandemic due to the rising domestic demand. Despite the slowing global demand and tight monetary policies, India is expected to grow at 6.8 percent in the fiscal year 2022-23. Hence, this will make its output 8.4 percent over the pre-pandemic levels.
Additionally, over the next five years, the annual GDP of India is expected to average 6.4 percent. Following this, it will average 6.5 percent annually for nine years. The latest report also notes that India will be rising to third place in WELT 2037. Currently, it is in the fifth position on the world rankings.