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India seems “unstoppable” in its momentum to become the third economic superpower and touch the $10-trillion mark by 2035, according to the Centre for Economics and Business Research (CEBR). Over the next five years, India’s annual rate of GDP growth is expected to average 6.4%, after which the growth is expected to average 6.5% in the subsequent nine years. This growth trajectory will propel India from fifth place on the CEBR’s World Economic League Table in 2022 to third in the global rankings by 2037, says the report.
India was the fastest-growing economy in the world in FY 2021-22, thanks to a rebound in economic activity after the Covid pandemic hit the economy hard. For India, FY23 is going to end on a high note, says the consultancy, adding that it expects India’s growth in the fiscal year 2022/23 to remain robust at 6.8%. “This, in turn, would bring output 8.4% above 2019 levels. Output growth is expected to ease in the fiscal year 2023/24, however, with CEBR forecasting growth of 5.8%, as accelerating price levels bite into domestic demand,” says the British consultancy.
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