Report: India May Surpass Germany And Japan By 2029!

With India surpassing the UK to become the world's 5th largest economy, a report by the SBI has foreseen that the nation will outstrip 2 other major economies by the end of this decade.

The SBI's Economic Research Department predicted that India would surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth and become the world's 3rd largest economy--a movement of 7 places upwards since 2014 when India was ranked 10th. This is a remarkable achievement by any standards, said the report, authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI.

For Q1 FY 2022-23, India registered GDP growth at 13.5%. The report said, at this rate, India is likely to be the fastest growing economy in the current fiscal.

The report predicted that India would soon be the beneficiary as China slows down regarding new investment intentions.

"Global tech major Apple's recent decision to shift part production of its flagship iPhone 14 model for worldwide shipping from India bears testimony to such optimism! The move by Apple, the most recognizable face of tech-infused innovation in the last two centuries that captures aspirations of an upwardly mobile population, should open the floodgates for other major conglomerates to follow suit," the report added.