Indian Economy News

India to become world's third-largest economy by FY28, says IMF

  • IBEF
  • October 14, 2022

India missed being the fifth-largest economy in 2021–2022 by US$ 10 billion and failed to surpass the UK. It will have to wait another year before it overtakes the UK by US$ 27 billion and earns the coveted slot in 2022–2023.

India's GDP would match Germany's in size to become the fourth-largest by 2025–2026. The World Economic Outlook of the International Monetary Fund (IMF) predicts that it will surpass Japan in growth and move up to the third-largest position by 2027-28 (FY28).

India's economy will not reach US$ 5 trillion by 2026–2027 as the Finance Minister had hoped, but it would come close. In that year, it would total US$ 4.94 trillion.

India's economy would reach US$ 5.36 trillion the next year, surpassing Japan's US$ 5.17 trillion. India's economy would rise to third place in that year.

According to the Fund's flagship publication, India's economy was US$ 3.18 trillion in size in 2021–2022, while Britain's was US$ 3.19 trillion.

India's economy is measured in terms of financial years (April to March). It is based on a calendar year for other economies.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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