India to become world’s third largest economy by 2029: SBI

First Published Sep 4, 2022, 3:50 PM IST

New Delhi: India will become the world’s third largest economy in 2029, according to the State Bank of India report. State Bank of India says that the country, which was the tenth economic power in the world in 2014, will make this great progress within 15 years. This report was released by the Economic Research Department of the State Bank of India.

According to a Bloomberg report, India is currently the fifth largest economy in the world. India has reached this position by surpassing Britain. The UK ranks sixth behind India in the dollar-denominated ranking. In 2011, India was ranked 11th in the list of world economic powers. The UK was then in fifth place. But India’s performance in the last three months of 2021 has surpassed that of the UK. According to the report, the cost of living has increased exponentially, leaving the UK behind India.

But according to the SBI report, India was the fifth largest economy in the world in December 2021. The progress in the country’s stock indices in the current quarter is also likely to secure India’s position. India is ahead of America, China, Japan and Germany.

India’s share of global GDP is now 3.5%. In 2014 it was 2.6 percent. In 2027, India’s GDP will be four percent of global GDP. With that, India will be able to surpass Germany. But in terms of per capita GDP, India still lags far behind other countries in the world. India’s GDP per capita in 2021 was $2227. Meanwhile, the UK’s GDP per capita was $47,334. In China it was 12556 dollars.

Read More : Children’s future can be secured financially; SBI will lead the way, but there are some things to be aware of!

Last Updated Sep 4, 2022, 3:56 PM IST

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