India’s global share in GDP to cross 4 per cent by 2027: SBI report

New Delhi, July 28 (KNN) India is likely to become the world’s third largest economy by fiscal year 207-28, as per State Bank of India’s Economic Research Department’s report, SBI Ecowrap.

Crediting the path taken by India since 2014, the SBI economists revealed that India is likely to get the tag of the third largest economy in 2027 (or FY28) based on actual GDP data as on March 2023.

“At this rate, India is likely to add USD 0.75 trillion in every 2 years, implying that India is all set to touch USD 20 trillion by 2047, at least on current numbers. India’s global share in GDP will cross 4 per cent by 2027,” the report mentioned.  

It shows a movement of seven places upwards since 2014 when India was ranked tenth and two years earlier than our previous forecast of 2029, said the experts.

It further said that India should surpass both Japan and Germany in 2027 at the current rate of growth.

Interestingly, the incremental increase by India from 2022-2027, is more than the current size of Australia’s economy at USD 1.8 trillion, the report said.

According to the report at least two Indian states, Maharashtra and Uttar Pradesh, will break the USD 500 billion mark in 2027 (or FY28) when India achieves the third place in global economy.  (KNN Bureau)