Prime Minister Narendra Modi recently said that India will become the world’s third-largest economy in the third term of his government (assuming the Bharatiya Janata Party-led National Democratic Alliance is re-elected next year).
The media, analysts and economists immediately jumped in with their opinion. Some said that this was very much possible. In this piece, we analyse if India can indeed become the third largest economy before 2029, when the term of the next (18th) Lok Sabha ends.
While India becoming the fourth largest economy in the world before 2029 is a given, becoming the third largest may not be so easy. Read on.
The present
As per data from the International Monetary Fund (IMF), India is the fifth largest economy in the world today, behind the US, China, Japan and Germany. As per the World Economic Outlook (WEO) database of the IMF, India’s gross domestic product (GDP) in 2022 was $3.39 trillion. The GDP is a measure of the economic size of a country in a particular year. By 2027, the Indian GDP is expected to touch $5.15 trillion.
In 2022, the GDP of Germany, currently the fourth largest economy in the world, was $4.08 trillion. In 2027, it is expected to touch $4.95 trillion. Further, in 2022, the GDP of Japan, currently the world’s third largest economy, was $4.23 trillion. In 2027, it’s expected to be at $5.08 trillion. So, by 2027, with a GDP of $5.15 trillion, India will be the world’s third largest economy. This is what the media and the experts have been highlighting.
Denne historien er fra August 09, 2023-utgaven av Mint Mumbai.
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Denne historien er fra August 09, 2023-utgaven av Mint Mumbai.
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