Sep 6, 2022
India may surpass Germany and India by 2029
Sep 6, 2022
India is likely to become the fastest growing economy in the current fiscal as its gross domestic product growth in Q1FY23 was 13.5% and the third largest economy by 2029, according to the State Bank of India.
The country had already surpassed the UK as the fifth largest economy as early as December 2021. The share of India’s GDP is now at 3.5%, as against 2.6% in 2014 and is likely to cross 4% in 2027, the current share of Germany in global GDP.
Estimates of India’s GDP growth rate for FY23 currently range from 6.7% to 7.7%, which is now being considered normal in the face of global uncertainties, according to a report by SBI Research.
India should surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth. In coming days India is likely to be the beneficiary as China slows down in terms of new investment intentions, added the report. Global tech major Apple’s recent decision to shift part production of its flagship iPhone 14 model for worldwide shipping from India, with a negligible time lag of a few weeks post its slated launch on September 7, bears testimony to such optimism.
The move by Apple, the most recognisable face of tech infused innovation in the last two centuries, that captures aspirations of an upwardly mobile population should open the floodgates for other major conglomerates to follow suit. A broad-based growth of empowerment will also lift India's per capita income from current levels and act as a force multiplier for a better tomorrow.
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