India as 3rd economic power.. IMF possible in 5 years!!
America is the superpower in the world followed by china and now the world's first economic power. IMF has estimated that it will take another five years for india to reach the third position. According to the international Monetary Fund (IMF) World Economic Outlook database, india is expected to become the third largest economy in the world by fiscal year 2028, surpassing germany and Japan, which currently occupy the 3rd and 4th positions. A report by The Economic Times states that the US and china will continue to be the top two economies.
IMF also said the reasons for India's rapid progress. It said that the expected economic expansion is taking place at a fast pace. The rupee's depreciation against the dollar is less than that of most currencies.
According to the IMF, india has already overtaken britain to become the fifth largest economy in terms of market exchange rates. A few days later another report by capital Economics came out. The report predicts that india is poised to become the third largest economy by 2030, overtaking the US and china to become the leading emerging market accounting for more than half of the world's gross domestic product over the next decade.
The economies of most developed countries have been hit hard by the corona pandemic's war-induced inflation. The report showed that they will increase slightly... or go into recession.
But he praised that india is growing and has withstood this recession. It is predicted that India's growth is picking up.. The economy will expand at a good pace. The rupee has depreciated against the dollar more than most currencies, the report said.
India has good macro fundamentals. Inflation remains stable. The current account deficit remains high but is expected to moderate. India still has about $550 billion in forex reserves despite a decline. Financial situation is comfortable. Banks are in a strong position. The report said that the credit cycle is picking up.
According to international Monetary Fund (IMF) data, India's GDP per capita is $2520 US dollars. By 2027, this amount will reach 3652 dollars. This is a golden opportunity for india to overcome the countries of germany, Japan. Currently, india is projected to grow at a compounded rate of 8.7 percent in 2022, surpassing the top countries in the world.
