In the next five years, India’s GDP (Gross Domestic Product) growth is expected to increase by around 6.4% and after which it is envisioned to raise at an average of 6.5% in the following nine years.
The Center for Economic and Business Research (CEBR), a leading London-based consulting firm, says India will become the third largest economic superpower by 2037 and an economy worth 10 trillion by 2035. Published on Monday, the report indicates that the world is headed for a recession.
“This growth trajectory will see India rise from fifth place on the World Economic League Table in 2022 to third in the global rankings by 2037,” the report mentioned.
The pandemic harmed the growth of Indian markets and yet the economy reflected. Globally, India had recorded the third highest death records.
“In 2035, we forecast that India will become the third $ 10 trillion economy. Although there are political factors that could hold India back, it has demographics on its side,” the report said.
The report also allayed concerns about high inflation, saying it remains lower than in most other major economies.
“Much of India’s current inflation rate reflects higher food prices, an erratic item but one that also accounts for a larger share of the consumer basket than in any other G20 country,” CEBR added.