India will be the world’s third largest economy by 2029

New Delhi, Sep 4 (Prensa Latina) India will be the world's third largest economy in 2029, after surpassing Germany in 2027 and Japan in 2029, at its current growth rate, the country's State Bank disclosed.

September 4, 2022
10:34

A report by the chief economic adviser of the Bank, Soumya Kanti Ghosh, asserted that India has undergone a major structural change since 2014 and is for now the fifth largest economy on the planet in terms of Gross Domestic Product (GDP), surpassing the United Kingdom, according to the All India Radio station.

Finance Minister Nirmala Sitharaman said recently that International Monetary Fund (IMF) forecasts show India is trailing the United States, China, Japan and Germany.

The size of the national economy in terms of nominal cash in the quarter that ended in March was 854.7 billion dollars, while the United Kingdom added 816 billion dollars in the same period, the Scroll portal reflected.

India overtook the UK in the last three months of 2021 and widened its lead in the first quarter of this year, according to calculations by the US financial advisory company Bloomberg, based on IMF data on figures from the GDP and exchange rates.

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