Immense potential in the indian economy-on Track…
india is on track to overtake the united states as the greatest economy by the year 2060, but it will face several obstacles along the road.India is making progress towards its objective of being a developed country by 2047. According to british MP Bilimoria, when India's GDP reaches 320 trillion dollars, it would overtake the united states as the second-largest economy in the world. Following this prediction, british MP Bilimoria asserts that india will hold the top economic spot by the year 2060.
The reason behind the statement of british MP karan Bilimoria is actually the potential of the indian economy and the immense potential inherent in it. india is the fastest growing economy for the last few years. It is also recognized by global organizations like the World bank to the international Monetary Fund. The estimates of the global economic growth rate have been continuously reduced by these institutions, but the attitude of these institutions has always been very positive in the estimation of the growth rate regarding India.
Fastest growing economy
Right now the IMF in its latest World Economic Outlook has predicted that India's economic growth rate will be 6.1% this year. In April, the IMF had estimated it to be 5.9%, but only after 3 months, the IMF has estimated India's economic growth rate to be 0.2% higher for this year. On the contrary, the IMF has predicted a decline in the growth rate at the global level. According to this organization, the global economic growth rate is expected to be 35 in 2023 and 2024. The global growth rate in 2022 was 3.55.
Bright Spot in the Global Economy
In all international economic reports, india is now being seen as a bright spot in the global economy. All the big economic powers of the world are also very excited about India. This is the reason that whether it is America or China, Japan, Germany, Britain, France, italy to Arab countries like Egypt, saudi arabia and United Arab Emirates… there is a lot of curiosity about increasing bilateral trade with india in all countries.
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