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Last month, India overtook the UK to become the fifth largest economy in the world and will become the third by 2029, according to the report.
According to the SBI report, India’s share of GDP now stands at 3.5%, compared with 2.6% in 2014 and is likely to surpass 4% in 2027, Germany’s current share of global GDP.
According to the forecast of the International Monetary Fund (IMF), India is expected to grow 7.4% in fiscal year 23 and will continue to be the fastest growing major economy in the world.
What is particularly encouraging is the fact that India’s healthy growth has come against a backdrop of a bleak global economy. India is one of the few economies, and perhaps the only major one, largely insulated from the global recession.
Furthermore, India now has more than 420 companies with a market value of over $1 billion. Nearly 40% of them have grown fivefold in value over the past decade.
The number of Indian billionaires has also increased over the past decade from 55 to 140 – now the third highest after the US and China.
A quietly expanding manufacturing sector has now grown to 17% of GDP – nothing compared to China, but all the same.
Read more about this on TOI+: Why the Indian economy will be the breakout star of the world