What’s in the news?

• A report released by the State Bank of India said that India is set to become the third largest economy in the world by 2029. 
• The report noted that India will surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth.
• The country has undergone a large structural shift since 2014 and is now the 5th largest economy overtaking the United Kingdom.
• The path taken by India since 2014 reveals the country is likely to get the tag of 3rd largest economy in 2029, a movement of 7 places upwards since 2014 when India was ranked 10th.
• Finance Minister Nirmala Sitharaman said, the International Monetary Fund’s own forecasts show India overtaking the UK in dollar terms on an annual basis this year. This has put India, the Asian powerhouse, just behind the US, China, Japan and Germany.

Reference:

1. https://newsonair.gov.in/News?title=India-to-emerge-third-largest-economy-of-world-by-2029%3b-Likely-to-surpass-Germany-by-2027%2c-and-Japan-by-2029&id=447072