New Delhi: According to a report by the State Bank of India, India overtook the UK as the fifth-largest economy in early December 2021. The share of India’s GDP in global GDP is now 3.5%, as compared to 2.6% in 2014 and is likely to cross 4% in 2027, as per Germany’s current share, State Bank Of India report good.
“The path followed by India since 2014 shows that it is likely to get the tag of the third largest economy in 2029, a movement upwards of seven places since 2014 when India was ranked 10th. should surpass Germany in 2027 and most likely Japan at the current rate of growth by 2029,” Soumya Kanti GhoshGroup Chief Economic Advisor at SBI said in the research note.
The Indian economy is projected to grow at 7-7.5% in the current fiscal, while the UK economy continues to grapple with a sharp slowdown in growth and record high inflation. The latest data shows that the Indian economy grew by 13.5% in the quarter ended June. The IMF has projected India to grow at 7.4% due to a slowing global economy, inflationary pressures and the effects of monetary tightening. The IMF forecast has shown that India will retain its tag as the fastest growing major economy in the world.
The news of India overtaking the UK to emerge as the fifth-largest global economy sparked a variety of reactions on social media, with some saying that there is still a huge gap when it comes to per capita income.
“Proud moment for India to overtake our colonial ruler UK as 5th largest economy: India $3.5 trillion vs UK $3.2 trillion. But a reality check of the population denominator: India: 1.4 billion vs UK: 068 billion. So GDP per capita at $2,500 versus $47,000, Uday Kotak, CEO of Kotak Mahindra Bank, said on Twitter.
Mahindra Group Chairman Anand Mahindra also lauded the milestone. “The Law of Karma works. News that would have filled the hearts of every Indian who fought and sacrificed a lot for freedom. And a silent but stern reply to those who thought India would descend into chaos. Silent reflection, time for gratitude,” he tweeted.
reserve Bank of India Deputy Governor Michael Debabrata Patra said last month that India is currently the third largest economy in the world in terms of purchasing power parity.ppp), with a share of 7% of global GDP (followed by China (18%) and the US (16%)). India’s GDP at market exchange rates is expected to reach $5 trillion by 2027, he said. “By that year, India’s GDP in purchasing power parity terms will exceed $16 trillion (up from $10 trillion in 2021). The OECD’s 2021 calculations indicate that the Indian economy will overtake the US by 2048. This will make India the largest economy in the world after China,” Patra had said in his speech at a function in Bhubaneswar.
“The path followed by India since 2014 shows that it is likely to get the tag of the third largest economy in 2029, a movement upwards of seven places since 2014 when India was ranked 10th. should surpass Germany in 2027 and most likely Japan at the current rate of growth by 2029,” Soumya Kanti GhoshGroup Chief Economic Advisor at SBI said in the research note.
The Indian economy is projected to grow at 7-7.5% in the current fiscal, while the UK economy continues to grapple with a sharp slowdown in growth and record high inflation. The latest data shows that the Indian economy grew by 13.5% in the quarter ended June. The IMF has projected India to grow at 7.4% due to a slowing global economy, inflationary pressures and the effects of monetary tightening. The IMF forecast has shown that India will retain its tag as the fastest growing major economy in the world.
The news of India overtaking the UK to emerge as the fifth-largest global economy sparked a variety of reactions on social media, with some saying that there is still a huge gap when it comes to per capita income.
“Proud moment for India to overtake our colonial ruler UK as 5th largest economy: India $3.5 trillion vs UK $3.2 trillion. But a reality check of the population denominator: India: 1.4 billion vs UK: 068 billion. So GDP per capita at $2,500 versus $47,000, Uday Kotak, CEO of Kotak Mahindra Bank, said on Twitter.
Mahindra Group Chairman Anand Mahindra also lauded the milestone. “The Law of Karma works. News that would have filled the hearts of every Indian who fought and sacrificed a lot for freedom. And a silent but stern reply to those who thought India would descend into chaos. Silent reflection, time for gratitude,” he tweeted.
reserve Bank of India Deputy Governor Michael Debabrata Patra said last month that India is currently the third largest economy in the world in terms of purchasing power parity.ppp), with a share of 7% of global GDP (followed by China (18%) and the US (16%)). India’s GDP at market exchange rates is expected to reach $5 trillion by 2027, he said. “By that year, India’s GDP in purchasing power parity terms will exceed $16 trillion (up from $10 trillion in 2021). The OECD’s 2021 calculations indicate that the Indian economy will overtake the US by 2048. This will make India the largest economy in the world after China,” Patra had said in his speech at a function in Bhubaneswar.