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India will become world’s 3rd largest economy by 2029, overtakes Germany, Japan

by Babu Patil
India will become world's 3rd largest economy by 2029, overtakes Germany, Japan

India has become the world’s fastest-growing major economy. A report by the State Bank of India (SBI) has predicted that the country will overtake two other major economies by the end of this decade.

The SBI’s Economic Research Department forecasted that India would surpass Germany in 2027 and most likely Japan by 2029, becoming the world’s 3rd largest economy. In 2014, India was ranked 10th.

India’s GDP grew 13.5% in Q1 2022-23. According to the report, India will be the fastest-growing economy this fiscal year.

India’s GDP growth rate for FY23 is immaterial, even though projections range from 6.7% to 7.7%. In an uncertain world, analysts expect 6% to 6.5% growth.

The report also advised upgrading India’s IIP basket of 2021 products. The current IIP basket misses handset exports made by Foxconn in India.

Select companies’ steel manufacturing has shifted locations, which isn’t in the IIP sample. SBI expects that India would benefit as China’s investments slowed.

At the start of the 21st century, China was the second-largest economy.

The SBI analysis said that the current projections could be more accurate if India keeps making the right policy decisions and if there is a shift in global geopolitics....

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