India to rise to 3rd spot on the World Economic League Table by 2037: Report
- IBEF
- December 27, 2022
According to the Centre for Economics and Business Research (CEBR), India will rise to the third spot by 2037 from the current fifth spot on the World Economic League Table. Further, it was reported that over the next five years, India’s annual rate of Gross Domestic Product (GDP) growth is expected to average 6.4%, and in the subsequent nine years the growth is expected to average 6.5%.
India’s estimated Public-Private Partnership (PPP) adjusted GDP per capita is US$ 8,293 in 2022, which classifies it as a lower middle-income country. In the fiscal year 2021-22, India’s GDP grew by 8.7%, which resulted in making India the fastest-growing major economy in the world.
Due to the current inflation rate in India, the Reserve Bank of India (RBI) has raised interest rates to bring back inflation to its target range.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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