India is set to become the third largest economy in the world by 2029.
- A State Bank of India report said India will surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth.
- The report said that the country has undergone a large structural shift since 2014 and is now the 5th largest economy overtaking the United Kingdom.
- The path taken by India since 2014 reveals the country is likely to get the tag of 3rd largest economy in 2029, a movement of 7 places upwards since 2014 when India was ranked 10th, it said.
- The report is authored by Soumya Kanti Ghosh, group chief economic adviser, SBI.
- Finance Minister Nirmala Sitharaman said, the International Monetary Fund’s own forecasts show India overtaking the UK in dollar terms on an annual basis this year.
- This has put India, the Asian powerhouse, just behind the US, China, Japan and Germany.