Indian Economy / 2028 is not being mentioned without reason, this is how India will beat Germany and Japan

Indian Economy: On Wednesday, referring to the year 2028, the country's Prime Minister Narendra Modi said that India will be the shining light of the world's economy and will be the third largest economy after America and China. He didn't just say this. There are many reasons behind what it means for the country's economy to be 5 trillion in the next five years.

The country's largest bank SBI has estimated that the country's economic growth is going to be in the range of 6.5 per cent to 7 per cent in the next five years. This speed will contribute in making the country the third largest economy in the world. SBI does not stop here and says that with this rate of GDP growth, the economy will reach $20 trillion by the time India celebrates 100 years of its independence in 2047.

The way foreign investment is coming through the stock market and manufacturing in the country, it will help in making the country a country with a GDP size of five trillion or more. The increase in the economy of a dozen states of the country will also prove helpful in making the country the third largest superpower in the world. There will be many similar factors that will make India the third largest economy in the world. So let's turn those pages today and try to understand what are the reasons that will prove helpful in making the country the leader of the global economy.

Economic growth of the country

According to the Ecowrap report of SBI Research, India's GDP growth will be 6.5 percent in the financial year 2023-24. Economists have said in their report that the path the country has chosen since 2014 shows that India will become the world's third largest economy by 2027 (FY 2027-28) based on March 2023 real GDP figures. Will happen.

If compared with the year 2014, then the Indian economy was at the 10th position. In this sense, there will be an improvement of seven places in it. According to the report, India is likely to achieve this milestone two years earlier than the previous estimate. In the previous estimate, India was expected to become the third largest economy in 2029.

At present, India is the fifth largest economy in the world. According to the report, the GDP growth rate in the first quarter of the financial year 2023-24 will be 8.1 percent. With this, the overall growth rate can go above 6.5 percent. Achieving 6.5 to 7.0 percent growth rate for the country has now become a new trend. The Reserve Bank of India estimates that the real GDP growth rate will be 6.5 percent. SBI economists said the economy continues to be in an ideal state and becoming the third largest economy would be a remarkable achievement for India by any yardstick.