Will India become the third largest economy? The issue came up again when Prime Minister Narendra Modi addressed the US Congress on June 23. But is it really important to become the third largest economy in the world? On June 23, 2023, the Prime Minister of India said in his speech to the US Congress: “When I first visited the US as Prime Minister, India was the 10th largest economy in the world. Today, India is the fifth largest and soon we will be the third largest. However, all Indians were proud when the Prime Minister said that soon we will be the third largest economy. Let’s dive into the details and understand how the dream of the third largest economy will come true. Scroll down the page to read more details.
India 3rd largest economy
The Prime Minister said that India was the 10th largest economy in the world when he first visited the US as Prime Minister, but now India ranks fifth, for which the Prime Minister welcomed this spectacular achievement. The electorate at home was also euphoric. If India wants to be the third largest economy in the world, India has to cross the GDP of Germany and Japan, which are currently the fourth and third largest economies in the world. Scroll down the page to read more details.
The International Monetary Fund (IMF) predicts that India’s GDP will reach $5.15 trillion by 2027. The IMF predicts that India’s GDP will cross the desired $5 trillion mark in 2027 and become the third largest economy, surpassing the GDP of Germany and Japan. But do you know why India is moving up the GDP ranking? What does this really mean for the citizens of this country? In 2013-14, India’s GDP was 1.86 trillion ranking ninth after Brazil ($2.21 trillion), China ($9.57 trillion), France ($2.81 trillion), Germany ($3.7 trillion), the United Kingdom ($2.79 trillion), Italy ($2.14 trillion), Japan ($5.21 trillion), and the United States ($17.55 trillion). ) forward.
The IMF is bullish on India’s growth as it says it will grow 8.72 percent by 2027-28. and that India would surpass Japan and Germany that year. India will grow and develop when the per capita income of the average Indian rises to upper middle income levels, if not to high income levels, not when its GDP becomes the third largest. The IMF has predicted that India will cross the $5 trillion mark in 2027-28. Stay tuned to this website for more details and further updates.
Categories: Trends
Source: HIS Education