Amitabh Kant predicts that India will overtake Japan as the world’s 4th largest economy by 2025.

Great achievement! According to Amitabh Kant, India’s G20 Sherpa and former CEO of Niti Aayog, India will overtake Japan as the world’s fourth largest economy by 2025. According to Kant, based on many positive macroeconomic indicators. India’s GDP is currently the fifth largest, behind the United States, China, Germany and Japan, and will overtake the United Kingdom in 2022.

India’s economic growth has been remarkable, and ten years ago, its GDP was the eleventh largest in the world. Currently, the country’s GDP is estimated at around $3.7 trillion.

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According to an ANI report, Kant highlighted several key factors for India to move from being part of the „Fragile 5” in 2013 to becoming one of the top 5 economies by 2024.

These factors include record GST collections, steady GDP growth of 8% over the past three quarters, use of the Indian rupee to trade with 27 countries and manageable inflation levels.

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The term „Fragile 5” was coined by Morgan Stanley analyst in 2013 and refers to five emerging countries, including India, whose economies were struggling at the time. The other four countries are Brazil, Indonesia, South Africa and Turkey.

Kant pointed to double-digit growth in the steel, cement and automobile manufacturing sectors and India’s position as a global leader in digital public infrastructure.

Electronic transactions rose to 134 billion, accounting for 46% of global digital payments. Also, the current balance of accounts opened under Jandan, Aadhaar and mobile trinity is over Rs 2.32 lakh crore. Average annual inflation between 2013-14 and 2022-23 has declined to 5% from 8.2% between 2003-04 and 2013-14, further supporting India’s strong growth.

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The Indian economy has been painting a bright picture in recent quarters, with solid GDP growth projections, manageable inflation levels, political stability at the central government level and a commendable central bank’s fiscal policy, the ANI report said.

India’s GDP grew by 8.4% in the October-December quarter of fiscal 2023-24, and the country is expected to maintain its growth trajectory going forward.

According to the International Monetary Fund’s latest World Economic Outlook, India will be the fastest growing major economy by 2024. The IMF raised India’s growth projections for 2024 to 6.8% from 6.5%, reflecting the country’s strong economic performance. India’s economy is projected to grow by 7.2% in 2022-23 and 8.7% in 2021-22, further cementing its position as a leading global economy.

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