India Likely To Become 3rd Largest Economy By 2028. 8 Reasons Why

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According to the Internation Monetary Fund (IMF), India is likely to become the third largest economy leaving behind Garmany and Japan by 2028.

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New Delhi: Despite the global slowdown and recession threat, India’s economy is standing on its own. According to the Internation Monetary Fund (IMF), India is likely to become the third largest economy leaving behind Garmany and Japan by 2028. Only US and China will remain ahead of India. India’s annexation to the 3rd place will be achieved by 2028, two years before expected.

Factors Behind India’s Steady Economic Growth

1. Most developed economies were hit hard by the pandemic and war-triggered inflation
2. Most of the world’s economies are expected to grow marginally or can even plunge into recession
3. India’s growth will also see a hit yet the growth will not have that kind of impact
4. Though the Indian currency has depreciated it’s still performing better than other currencies
5. India has sound macro fundamentals
6. Inflation is increasing but not skyrocketing yet
7. The Indian banking system is strong as ever. The credit cycle is picking up
8. Forex reserves are down but still at nearly $550 b Fiscal situation is comfortable

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Earlier, India had overtaken the United Kingdom to become the fifth-largest economy in the world. India’s lead over the UK is expected to widen in the next few years. The Indian economy is projected to grow at 7 per cent in the current financial year despite global headwinds, Union Finance Minister Nirmala Sitharaman has said.