According to the India Outlook report recently released by Crisil Ratings, a member of S&P Global, the world's most populous country's economy is expected to grow by 6.8% in the next fiscal year and could achieve upper-middle-income status by 2031. Also according to Crisil, from 2025 to 2031, the value of the Indian economy is expected to exceed 5,000 billion USD, moving closer to 7,000 billion USD.
Based on domestic reforms and cyclical factors, the forecast suggests that India is likely to even surpass its growth outlook, aiming to become the world's third largest economy in the next seven years, with an average growth rate of 6.7%.
According to Crisil's forecast, the per capita income of the world's fifth-largest economy will reach $4,500 by fiscal 2031. The Indian government also aims to achieve developed economy status by 2047. On page X, Prime Minister Narendra Modi affirmed: "The strong GDP growth of 8.4% in the third quarter of 2023 shows the strength and potential of the Indian economy." Last month, the Asian Development Bank also revised its forecast for India's annual growth rate in the fiscal year to March 2024 from 6.3% to 6.7%, outpacing all major economies in the region.
Experts say India has seized the opportunity to assert itself as a powerful economy. And the recently released indicators of India's economy support this optimistic view.
HAPPY CHI
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