In a report by the Economic Research Department of the State Bank of India, it has been claimed that India can emerge as the world's third-largest economy by 2029.
New Delhi: After facing the outbreak of Corona, India's economy is showing improvement. Now State Bank of India (SBI) has said in its research report Ecowrap that India is likely to get the tag of the third largest economy in 2029. It will go up 7 places from the year 2014. In the year 2014, the ranking of the Indian economy was 10th.
GDP growth rate was 13.5 percent in the first quarter
In the report of the Economic Research Department of SBI, it has been said that India's GDP growth rate in the first quarter of the current financial year (2022-23) was 13.5 percent. If this momentum continues, then the Indian economy will be the fastest growing economy in this financial year.
Growth from 6 percent to 6.5% is the 'new normal' for India
India's GDP growth rate for the fiscal year 2022-23 is currently estimated at 7.7 per cent from 6.7 per cent. The report said that amid the uncertainties in the world, we believe a growth of 6 per cent to 6.5 per cent is the 'new normal' for India.
India overtakes Britain, becomes world's 5th largest economy
On the other hand, the Bloomberg report states that India has become the 5th largest economy in the world, leaving Britain behind. With this, Britain has slipped to 6th place. A decade ago, India was ranked 11th among the largest economies, while Britain was at number five.