Last month, India pipped UK to emerge as the fifth-largest economy in the world and is set to become the third largest by 2029, according to reports.
The share of India’s GDP is now at 3.5%, as against 2.6% in 2014 and is likely to cross 4% in 2027, the current share of Germany in global GDP, according to an SBI report.
According to a forecast by the International Monetary Fund (IMF), India is expected to grow by 7.4% in FY23 and will retain its tag as the fastest-growing major economy in the world.
What’s particularly encouraging is the fact that India’s healthy growth rate comes in the backdrop of global economic gloom. India is one of the few economies, and perhaps the only major country, that’s largely insulated from the global recession.
Moreover, India now has more than 420 companies with a market value of over $1 billion. Nearly 40% of those stocks quintupled in value over the last decade.
The number of Indian billionaires has also risen in the last decade from 55 to 140 – now the third highest after the US and China.
A quietly expanding manufacturing sector now amounts to 17% of GDP – no match for China, but progress all the same.
Read more about this on TOI+: Why Indian economy will be world’s breakout star