India May Become Third Biggest Economy After US And China By FY28: Reports
It may overtake Germany and Japan, two years earlier than initially expected. Other nations may grow marginally or even go into recession. Even India’s growth too witnessed a few knocks however economy is expected to expand at decent pace. In comparison with other currencies, rupee depreciated a bit less against the dollar
As per the International Monetary Fund (IMF) World Economic Outlook database, India may become the world’s third-biggest economy after the US and China by FY28. It may overtake Germany and Japan, two years earlier than initially expected.
It also projects, India surpassing UK became the fifth biggest economy in the world during January-March quarter this year. If a quick sneak-peak is taken at the India’s progress, is one of the most developed economies even being hit hard by pandemic and war-triggered inflation.
Other nations may grow marginally or even go into recession. Even India’s growth too witnessed a few knocks however economy is expected to expand at decent pace. In comparison with other currencies, rupee depreciated a bit less against the dollar.
Also, if we consider India absolute performance, it has sound macro fundamentals. Its Inflation rate high, although not skyrocketing. And the current account deficit is also high however expected to moderate.
The foreign exchange reserves of India down however still touching 550 billion dollar. Fiscal situation in India is also comfortable. The banks have grown strong and the credit cycle is pacing up. Financial Year 2023 will be the first complete year when India will go past the UK.