According to the SBI Research report, if the current growth rate continues, India will become the world's third largest economy by 2027. It is clear in its Ecowrap report that India will overtake Japan and Germany in this process.
Mumbai:Economists of the country’s largest bank SBI have projected the Indian economy to become the third largest economy in the world by the year 2027, which is two years less than the earlier estimate.
Indian economy was ranked 10th in 2014:
SBI economists said that India’s gross domestic product (GDP) growth rate (at constant prices) will be 6.5 per cent in 2023-24. Economists said in their report, the path the country has chosen since 2014 shows that India will be the world’s third largest economy by 2027 (FY 2027-28) based on March 2023 real GDP figures. . If compared to the year 2014, then the Indian economy was at the 10th position. In this context, there will be an improvement of seven places in it.
According to the report, the $1,800 billion increase in the size of the economy during 2022-27 will exceed the current size of the Australian economy. Economists have written that India’s share in global GDP will be four percent by 2027 and during this time the size of the economy will increase by $ 750 billion every two years.
Target will be achieved two years in advance:
It has also been said in this that earlier India would reach this place by the year 2029-30 but now it has been estimated to happen two years earlier i.e. by 2027 only. Recently, IMF has also said in a report that India is going to become the third largest economy leaving behind Japan and Germany. SBI issues Ecowrap report on major economic issues.
According to the SBI report, India’s economic growth rate is going to be more than 8 percent in the first quarter of April to June 2024. Due to this, there is a possibility of 6.5 percent annual growth rate during the current financial year. While uncertainty is increasing in the world, it has become normal for India to achieve a growth rate of 6.5 per cent to 7 per cent.
0.75 trillion dollars will increase every year:
According to the report, according to the economic development journey that India is on since 2014, it is going to become the third largest economy in the world by the year 2027. This is a remarkable achievement in every respect. Between 2023 and 2027, India’s economy will grow more than Australia’s economy.
It has been said in the report that at this rate, India’s economy will increase by $ 0.75 trillion ($ 750 billion) every year and according to this, by the year 2047, India will become an economy of $ 20 trillion ($ 01 trillion = one lakh crore dollars). Will go According to the SBI report, the size of the economy of two states of the country, Uttar Pradesh and Maharashtra, will be more than $ 500 billion.
The size of the economy of these states will be more than Asian and European countries like Vietnam, Norway. The report has also talked about the strong identity of India at the global level due to this phase of economic growth. According to the report, by the year 2027, the size of the American economy will be 31.09 trillion dollars and it will be in the first place.