Tuesday, July 23, 2024

India Set to Become Third Largest Economy with 6.8% GDP Growth by 2031

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Crisil, in its report, predicted the robust growth that India will soon become the third largest economy. India GDP growth rate is projected at 6.8 percent, the agency’s assessment provides a glimpse into the anticipated economic trajectory in the coming period.

According to Crisil Ratings, India GDP growth is expected to grow by 6.8% in the coming year. They predict that by the year 2031, India’s economy will double to reach $7 trillion, making it an upper-middle-income country. Crisil believes India will become the world’s third largest economy by then.

India GDP Growth and Third Largest Economy Report.

Crisil report suggests that India will experience steady growth over the next seven years, crossing the $5 trillion mark and moving closer to the $7 trillion milestone. With an average growth rate of 6.7% during this period, India’s per capita income is expected to rise, placing it in the upper-middle-income category by 2031.

Crisil Report on Becoming India Third largest economy, GDP Growth

Currently, India ranks as the fifth largest economy globally, but Crisil anticipates it will climb to third place by 2031. This significant economic growth is seen as a positive sign for domestic consumption in India.

Indian Currency representing India GDP Growth and Third Largest Economy Report.

The manufacturing sector in India is also expected to thrive due to factors like high-capacity utilization, infrastructure investments, and global supply chain diversification. Crisil believes that continuous reforms and increased competitiveness will further boost the manufacturing sector’s contribution to India’s GDP.

Aerial view of Indian City.

However, Crisil acknowledges that there will be challenges ahead, including geopolitical tensions, global economic fluctuations, climate change, and technological disruptions. Despite these challenges, both the manufacturing and services sectors are projected to grow steadily, contributing to India’s overall economic growth.

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