In a big boost to India’s global ambitions, India’s economy will soon be among the world’s top three, a projection by the State Bank of India (SBI) research department has said.
According to the latest Ecowrap by India’s largest public sector bank, India is become the third-largest economy in the world by 2027. The report added that the economic reforms initiated since 2014 have accelerated India’s progress towards achieving this significant milestone.
In 2014, India was ranked tenth in terms of GDP. It now appears on track to make a remarkable leap of seven places in the next 4-5 years. Earlier, India was projected to reach this milestone by 2029.
“The path taken by India since 2014 reveals that India is likely to get the tag of the third-largest economy in 2027 (or FY28) based on actual GDP data as of March 2023,” stated the economists at SBI.
At the current rate of growth, India is on track to surpass global economic powerhouses like Japan and Germany within the next five years, signifying a significant shift in the global economic landscape.
Moreover, if India is able to hold on to this growth trajectory, it will be on its way to reach the milestone of $20 trillion by 2047. Additionally, India’s global share of the GDP is set to surpass four percent by 2027, further solidifying its position on the international economic stage.
The report added that at least two states are set to break the 500 billion dollar mark by 2027–2028. Among them are Maharashtra, which houses India’s financial capital, Mumbai, and Uttar Pradesh, the country’s most populous state. The report referred to Uttar Pradesh, ruled by Yogi Adityanath, as ‘the land of the midnight sun’, indicating its potential for economic prosperity.
In a testament to India’s remarkable progress, the economies of major Indian states are projected to outpace those of certain Asian and European countries, such as Vietnam and Norway, by 2027.
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