Interestingly, the additional revenue generated by India between 2022 and 2027 is predicted to be greater than the current size of Australia’s GDP, which is USD 1.8 trillion, according to the analysis.
According to SBI Research’s ‘Ecowrap‘ research, if India maintains its present rate of growth, it will be the third largest economy in 2027 (2027-28), surpassing both Japan and Germany. SBI Research had predicted that India would become the world’s third-largest economy by 2029. India is now rated third, a seven-place improvement from its previous ranking in 2014.
Interestingly, the incremental increase by India between 2022 and 2027 is predicted to be greater than the current size of Australia’s GDP, which is USD 1.8 trillion, according to the analysis. India GDP projections for 2023-24: According to Deloitte India, India is likely to grow by 6-6.3% in the current fiscal year, as economic prospects improve.
Also, Read The IMF increases India’s GDP growth prediction for FY24 to 6.1%
According to the research, India’s GDP contribution to the world will exceed 4% by 2027. The analysis stated that if India continues to grow at this rate, it will add USD 0.75 trillion annually, meaning that by 2047, at least based on current figures, India will have surpassed USD 20 trillion. Currently accounting for 3.5 percent of India’s GDP, up from 2.6 percent in 2014, it is predicted to increase to 4% by 2027.
According to SBI Research, at least two Indian states, Maharashtra and Uttar Pradesh, would surpass the USD 500 billion mark in terms of economy in 2027, when India will be ranked third in the world. Fitch Ratings raises India’s economic growth forecast for 2023-24 to 6.3% for the current fiscal year.
“By 2027, the GDP size of major Indian states will be greater than that of some Asian and European countries such as Vietnam, Norway, and so on,” it stated.
