India to become world's third-largest economy by FY28 : IMF
Published On: Friday, October 14, 2022 | By: Team KnowMyStock
$4.94 trillion that year. The following year, India’s economy would hit the $5.36-trillion mark, higher than Japan’s at $5.17 trillion. That year, India would become the third-largest economy. The size of India’s economy was $3.18 trillion in 2021-22 (FY22), while Britain’s was $3.19 trillion in 2021, according to the flagship publication by the Fund. The size of India’s economy is calculated on a financial year basis (April to March). For other economies, it is on a calendar year basis. Earlier, there was a Bloomberg report that stated that India has overtaken the UK in the fourth quarter of FY22, basing it on World Bank data. However, that comparison was made on quarterly figures, not yearly.
India would become a $3.47-trillion economy, while the UK’s would be $3.2 trillion in the current financial year (2022-23), according to the data provided by the IMF.
By FY26, India’s economy would be $4.55 trillion, equal to the size of Germany’s which was bigger than the former by over $1 trillion in FY22. In fact, if figures are not rounded off, India’s economy would be bigger than Germany’s by $1 billion in FY26. But $1 billion is too small a figure for any forecaster to make a precise projection three years down the line, say experts.
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