Gujarati NewsBusinessIndia China Economy Update | India to become world’s fifth largest economy by 2025
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Bombay 16 days ago
India will become the fifth largest economy in the world by 2025. It is currently ranked sixth. It will overtake the UK in 2025. It will become the third largest economy in 2030. A think tank provided this information.
Left the UK behind in 2019
India was the fifth largest economy in the world after the United Kingdom in 2019, but rose to sixth in 2020. The United Kingdom will remain in this ranking until 2024. India has moved up to sixth position due to the greater impact of the krone and the weakening of the rupee against the dollar. The Center for Economic and Commercial Research (CEBR) provided this information in its annual report.
There will be a more developed economy
The CEBR predicts that the Indian economy will be a more developed economy. Its annual growth rate will be 5.8% in 2025. With this growth, India will become the third largest economy by 2030. India will overtake the United Kingdom, Germany and Japan in y reach. According to the British think tank, China will overtake the United States by 2028. At the same time, China will become the world’s largest economy.
Japan will be at number three
Japan is currently ranked third in dollar terms. However, in 2030, it could drop to fifth place. The think tank said India’s economy has been greatly affected by the crown. The growth rate of the country’s economy hit its lowest level for 10 years in 2019. The growth rate at that time was 4.2%. It was 6.1% in 2018 and 8.3% in 2016.
The slowing growth rate has resulted in strains in the banking system, the implementation of reforms and a slowdown in world trade. Corona has so far killed 1.40 lakh in India. It is the highest death toll of any country after the United States.
7.5% drop in economy
The country’s economy contracted 7.5% in the second quarter, compared to 23.9% in the first quarter. This is because economic activities have been stopped because of Corona. The most important sector for India is the agricultural sector, which experienced a recovery and increased in the second quarter. The government also announced a relief package of around Rs 29 lakh crore during Korona, which had a somewhat positive effect.
