SBI told when will India become the world's third largest economy! won't have to wait long

India Economy: Prime Minister Narendra Modi on Wednesday gave a big guarantee regarding the Indian economy. In the words of PM Modi, in the third term of his government, India will become the third largest economy in the world. The next day after the PM's announcement, the economists of the country's largest bank SBI have made a big prediction. SBI economists have predicted that by the year 2027, the Indian economy will become the world's third largest economy. SBI's estimate is two years lower than the earlier estimate.

The report comes a day after Prime Minister Narendra Modi's address in which he expressed confidence that the country will become the world's third largest economy during the third term of the Bharatiya Janata Party-led NDA government.

The growth rate will be 6.5 percent this year

SBI economists said that India's gross domestic product (GDP) growth rate (at constant prices) will be 6.5 per cent in 2023-24. The economists said in their report, "The path the country has chosen since 2014 shows that India will be the world's third largest economy by 2027 (FY 2027-28) based on March 2023 real GDP figures." If compared with the year 2014, then the Indian economy was at the 10th position. In this sense, there will be an improvement of seven places in it.

India will complete the target in two years

According to the report, India is likely to achieve this milestone two years earlier than the previous estimate. In the previous estimate, India was expected to become the third largest economy in 2029. At present, India is the fifth largest economy in the world. According to the report, the GDP growth rate in the first quarter of the financial year 2023-24 will be 8.1 percent. The overall growth rate from this is 6.

may exceed 5 percent. Achieving 6.5 to 7.0 percent growth rate for the country has now become the new trend. The Reserve Bank of India estimates that the real GDP growth rate will be 6.5 percent.

India will be 4% of global GDP

SBI economists said the economy continues to be in an 'ideal state' and becoming the third largest economy would be a remarkable achievement by any yardstick for India. According to the report, the $1,800 billion increase in the size of the economy during 2022-27 will exceed the current size of the Australian economy. Economists have written that India's share in global GDP will be four percent by 2027 and during this time the size of the economy will increase by $ 750 billion every two years.

Economy will be 20 trillion dollars in 2047

According to the report, with this rate of GDP growth, the economy will reach $20,000 billion in 2047 when India will be celebrating its centenary of independence. With a GDP growth rate of 11-11.5 percent at current prices and a real GDP growth rate of 6.5 to 7 percent annually, India's cumulative growth rate will be 8.4 percent and this pace of growth is possible. The report says that the GSDP (Gross State Domestic Product) of Maharashtra and Uttar Pradesh in the states will cross the $500 billion mark by the year 2027.