A Report by the State Bank of India has stated that India has surpassed The United Kingdom to gain its position as the Fifth most significant economy in the world.
With the increasing population of Indian citizens, India can surpass the world’s economies within a few years. The SBI’s Research Department predicted that India would surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth.
The SBI’s report also added that “India’s GDP growth in Q1 FY23 was 13.5 percent. At this rate, India is likely to become the fastest-growing economy in the current scenario. Interestingly, even as estimates of India’s GDP growth rate for FY23 currently range from 6.7 percent to 7.7 percent, The report believes that it is immaterial. In a world that is ravaged by uncertainties, we believe 6 percent to 6.5 percent growth is the new normal,”
The report predicted that India will soon be the beneficiary as China slows down in terms of new investment intentions. “Global tech major Apple’s recent decision to shift part production of its flagship iPhone 14 model for worldwide shipping from India bears testimony to such optimism! The move by Apple, the most recognizable face of technological innovations in the last two centuries, that captures aspirations of an upwardly mobile population should open the floodgates for other major conglomerates to follow suit,” the report also added. The report suggested updating the IIP (Index of industrial production) basket of India which is currently composed of 2021 products.
This is a quick reference to India’s GDP growth over the years:
