Delhi, Sept 4, 2022: India is likely to become the world’s third-largest economy by 2029, the State Bank of India(SBI) said in a report released on Saturday.
The GDP data of the nation for the first quarter was recently released by the government wherein it was found that the Indian economy grew at a rate of 13.5 percent on a year-on-year basis.
The report authored by Soumya Kanti Gosh, Group Chief Economic Advisor, SBI said that India’s economy is expected to overtake that of Germany and Japan in the next five years.
The report also stated that India had surpassed Britain as early as December 2021.
It further said that India is most likely to be the beneficiary as China slows down in terms of new investment intentions.
Broad-based growth of empowerment will also lift India’s capita income from current levels and would be a force multiplier for a better tomorrow.
