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Notably, the International Monetary Fund (IMF) has also said India will emerge as the world’s third-largest economy by 2027, hopping over Japan and Germany, as its GDP crosses $5 trillion dollars. By 2047, India aspires to be a developed economy.
In October 2023, the World Bank said India’s GDP growth for FY23-24 will be at 6.3%, retaining its GDP estimate since its June forecast citing India continued “resilience” despite challenging global environment. Before that in June 2023, the World Bank had said India would remain the “fastest-growing economy” in FY24.
U.S.-based global ratings agency S&P Global Ratings has retained India’s growth forecast in the financial year 2023-24 at 6%, saying that its forecast shows India’s economy could grow at 6.9% in FY25 and FY26, respectively.
The government, on the other hand, says India’s GDP growth outlook for the financial year 2023-24 remains “bright” and the economy could grow at 6.5% in the fiscal year. As per the finance ministry, the economic activity in the country has maintained its “momentum”, with high-frequency indicators suggesting the second quarter of the fiscal year is also shaping up well.
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