India will soon become 3rd Largest Economy says PM Modi
Will India become the third-largest economy? This question started prevailing once again when Prime Minister Narendra Modi addressed the US Congress on June 23. But does it really matter to become the third-largest economy in the world? On June 23, 2023, the prime minister of India said in his speech while addressing the US Congress, “When I first visited the US as a Prime Minister, India was the 10th largest economy in the world. Today, India is the 5th largest, and we will be the third largest soon” However, it was a sense of pride for every Indian when PM said we will be the third-largest economy soon. Let’s delve deep into the details and understand how the dream of becoming the third-largest economy will become true. Swipe down the page and read more details.
India 3rd Largest Economy
The PM said Inda was the 10th largest economy in the world when he visited the US for the first time as a Prime Minister, but now India is at 5th rank, therefore the PM was grateful for this spectacular achievement. The constituency back home was also feeling elated. If India wants to be the third-largest economy in the world, India has to cross the GDP of Germany and Japan which are currently the fourth-largest and third-largest economies in the world. Swipe down the page and read more details.
It is speculated that India’s GDP will reach $5.15 trillion in 2027 by The International Monetary Fund (IMF). IMF projected that India’s GDP will cross the coveted mark of $5 trillion in 2027 and become the third-largest economy by surpassing Germany’s and Japan’s GDPs. But do you know what is making India boost places in GDP ranking? What does it really mean for the country’s people? In 2013-14, India’s GDP was 1.86 trillion in ninth place after Brazil ($2.21 trillion), China ($9.57 trillion), France ($2.81 trillion), Germany ($3.7 trillion), the United Kingdom ($2.79 trillion), Italy ($2.14 trillion), Japan ($5.21 trillion), and the United States ($17.55 trillion) ahead.
IMF becomes optimistic about the growth of India as it claimed that it will become grow by 8.72 percent by 2027-28 and India will surpass Japan and Germany that year. India will grow and develop when the per capita income of the average Indian will grow to reach higher middle-income levels if not the high-income level and not when its GDP becomes the third largest. IMF predicted that India to go past the mark of $5 trillion in 2027-28. Stay tuned to this website for more details and further updates.
