Last month, India overtook the UK to emerge as the fifth largest economy in the world and is set to become the third largest by 2029, according to reports.
India’s share of GDP is now at 3.5%, up from 2.6% in 2014 and is likely to exceed 4% in 2027, Germany’s current share in global GDP, according to an SBI report.
According to a forecast from the International Monetary Fund (IMF), India is expected to grow 7.4% in fiscal 23 and will maintain its mark as the world’s fastest growing major economy.
What is particularly encouraging is the fact that India’s healthy growth rate is set against a backdrop of global economic gloom. India is one of the few economies, and perhaps the only large country, largely isolated from the global recession.
Furthermore, India now has more than 420 companies with a market value of over $ 1 billion. Nearly 40% of these shares have quintupled in value over the past decade.
The number of Indian billionaires has also increased over the past decade from 55 to 140, now the third highest after the United States and China.
A slightly expanding manufacturing sector now amounts to 17% of GDP: it cannot compete with China, but it is progressing anyway.
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