India is the world’s fifth largest economy after the United Kingdom

India is the world’s fifth largest economy after the United Kingdom
India is the world’s fifth largest economy after the United Kingdom

India’s economy has undergone major structural changes in the last eight years. India has now become the fifth largest economy in the world. Through this, the country has left the United Kingdom behind. However, according to State Bank of India (SBI) data, at the current growth rate, India will overtake Germany by 2027 and Japan by 2029 to become the third largest economy in the world.

This information was informed in a report of Economic Times on Saturday.

According to a report by the State Bank of India’s Economic Research Division, the steps India has taken since 2014 may get the third largest economy tag in 2029. India was the tenth largest economy in the world in 2014. From there, the country has progressed seven steps this time.

This is a remarkable achievement by any standards, says the report written by Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI.

India overtook the UK to become the fifth largest economy in the last three months of 2021 and widened the gap in the first quarter of 2022, according to International Monetary Fund (IMF) GDP figures. This calculation is based on US dollars.

According to the report, India’s GDP growth stood at 13.5 percent in the first quarter of the fiscal year 2023. According to this rate, India is likely to be the fastest growing economy in the current fiscal year. Bangladesh Journal/MS


The article is in Bengali

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Tags: India worlds largest economy United Kingdom

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