India ranked 11th in the economy race a decade ago, and now experts believe that it’s on the brink of becoming the third-largest economy outrunning Germany and Japan. Furthermore, the IMF also predicts a 5-trillion economic growth for India by 2026.
Hopes are up high for various experts pertaining to India becoming a much more thriving economy soon after it surpassed the UK. Chief Economic Advisor Dr. Arvind Virmani has made a stunning prediction by saying that India will become the third largest economy outdoing Japan and Germany by 2030. It was a proud moment for the country when India retained its title of the fastest-growing economy and surpassed the United Kingdom’s economy. Currently, India stands in fifth place in the economic race.
Chief Economic Advisor commented on the event by saying that this overtake happened exactly as calculated. He said, “Last year we were 6th by about 40 billion, and it was expected to happen in 2022”. Further, he adds, “India is moving up the power scale, and by the forecast value, we will become the third largest economy by 2028 – 2030”.
The current drift of events will construct an optimistic reality for India. These perceptions of an emerging India will affect how things are being dealt with and soon after will start to show in reality. Consequently, in 5 to 10 years, it is only logical to expect India to overthrow Japan and Germany and take the spot of third in the economic race. What Dr. Virmani said about shaping realities from how a country is judged is still suggestive of facts, although a little far-fetched. Time will only tell how much our country can progress over the years. Furthermore, the fact that India has overtaken the United Kingdom for the second time in the economic race logically implies that the Indian economy has been getting a stronghold in the generation of wealth in the country.
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Some people believe that initiatives such as Make in India and Atmanirbhar Bharat have paved the way for creating income sources within the country. For instance, recently, India unveiled the first indigenously constructed aircraft carrier INS Vikrant for which about 85% of the construction cost was propelled back into the economy through job creation and local tenders.
This is a significant sign that India can become a top-tier economy globally.
In another instance, the DG and RIS for developing countries, Sachin Chaturvedi, added his thoughts by saying, “India has done it in the past and now has done it again (concerning India surpassing the UK economy). The strategic drift is now to focus more on capital expenditure and plans to control inflation. The Reserve Bank of India has already been effectuating it, and so far, things are working in favour of India. Also, it will be crucial to bringing down the revenue expenditure”.
Considering the fact that India was the 11th largest economy in the world ten years ago suggests that being behind Japan and Germany is merely nominal and, in actuality, can indeed prove Dr. Virmani’s words to be true again. Currently, the US and China are dominating the economic race with 25.35 trillion dollars and 19.91 trillion dollars in valuation, respectively. However, the differences between Japan, Germany, and India are substantially low. With Japan at 4.91 trillion dollars and Germany at 4.26 trillion dollars, India can aim to fast-track its economic growth tenaciously and outrun them as well. Another parallel prediction from the International Monetary Fund Organization is that India can become a 5 trillion economy by the end of 2026.
