India to be the world’s third largest economy by 2028

India to be the world’s third largest economy by 2028

By 2028, India’s economy will likely exceed those of Japan and Germany to take third place, according to the International Monetary Fund (IMF).

India will no longer be ahead of anyone but the US and China. Prior to that, India had surpassed the United Kingdom to overtake it as the fifth-largest economy in the globe. In the current fiscal year, 7% growth in the Indian economy is predicted.

The World Bank has predicted that the Indian economy will expand by 6.9% in the fiscal year 2023. Indian income inequality remains among the highest in the world despite the country’s economic development.

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Image Source : Inventiva

Director of Deloitte India Rumki Majumdar thinks that India has enormous promise as a center for exports and as a place to invest in the services and manufacturing industries. The goal of recent trade agreements has been to incorporate manufacturing into the global supply network..

India aims to reduce its logistics costs from 14% to 8% over the next five years, or by 6 percentage points. 

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