India set to surpass Japan as 4th largest economy by 2025: Kant

India set to surpass Japan as 4th largest economy by 2025: Kant

VoM News Desk | May 12, 2024 | 02:18 PM IST | India | Follow on Google News

India set to surpass Japan as 4th largest economy by 2025: Kant

India set to surpass Japan as 4th largest economy by 2025: Kant

Key Highlights:

1. Amitabh Kant projects India surpassing Japan as 4th largest economy by 2025.
2. India’s GDP journey: from Fragile 5 in 2013 to top 5 economies in 2024.
3. Significant growth factors include record GST collections and double-digit growth in key sectors.

India’s G20 Sherpa and former Niti Aayog CEO, Amitabh Kant, forecasts India’s ascent to become the world’s 4th largest economy, overtaking Japan by 2025. Currently ranked 5th globally in terms of GDP size, India’s economic journey has been remarkable, rising from the Fragile 5 in 2013 to a top 5 global economy in 2024.

Key indicators of India’s economic growth include record GST collections, over 8% GDP growth in recent quarters, and extensive trading in the Indian Rupee with 27 countries. The country has witnessed double-digit growth in sectors like steel, cement, and automobiles, positioning itself as a global leader in digital public infrastructure, with e-transactions surging to 134 billion, accounting for 46% of all global digital payments.

Firm GDP growth forecasts, manageable inflation levels, and political stability at the central government level have contributed to India’s positive economic outlook. With a massive 8.4% GDP growth in the October-December quarter of FY 2023-24, India remains the fastest-growing major economy and is projected to maintain this growth trajectory. The International Monetary Fund (IMF) forecasts India to continue leading major economies in growth, with a revised forecast of 6.8% for 2024, building on its 7.2% growth in 2022-23 and 8.7% growth in 2021-22.

Source: ANI

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