🔼India Set to Become 3rd Largest Economy by 2027
🟢 India is on track to become the world's third-largest economy by 2027, according to IMF Deputy Managing Director Gita Gopinath. Following Prime Minister Narendra Modi's Independence Day speech, where he highlighted India’s economic potential, Gopinath confirmed the country's strong growth trajectory.
🟢 India, currently the fifth-largest economy, exceeded expectations in FY24, driven by a recovery in private consumption, particularly in the rural economy. With better monsoons boosting agricultural incomes and consumer goods demand surging, India’s economic momentum remains robust.
The IMF has raised India's growth forecast for FY25 to 7%, while Gopinath emphasized the need for job creation to sustain this growth.
