India to Become Third Largest Economy by this year; Know More

(The Quiver): By the year 2027, India’s economy will overtake Japan and Germany to take third place.

According to sources, India is the fastest-growing economy in the world, and its GDP, which is currently $3.5 trillion, could more than double to $7.5 trillion by 2031.

From 2023 onwards, India’s economy will be one of just three in the world to produce yearly economic output growth of more than $400 billion. Chief Asia Economist Chetan Ahya said.

The country is positioned to transform into a global factory and office. He claimed that the belief that India’s GDP will probably double in the next ten years is the result of four major trends that are currently dominating the global scene. Managing director of Morgan Stantley India Ridham Desai said.

Population ageing is a demographic issue, as is deglobalization, disruption brought on by digitization, and decarbonization because global warming is a major concern. The only nation in the world that is likely to gain from these four trends is India. He added.

The economic growth of India has been attributed to three megatrends which are digitization, energy transition and global offshoring.