Richest Country: India is dreaming of becoming an economic superpower. There is nothing wrong with that. But how many more years will it take for India to become an economic superpower?
When will it be a superpower?
New Delhi : Modi government (Modi government) Since its arrival, India has started moving towards the dream of becoming an economic superpower. The Modi government has planned some policies for this. Currently the fifth largest economy in the world (fifth largest economy) That’s why India has hoisted the flag. But breaking into major economies is no easy task. That would undoubtedly require planning and large scale industrial development. India, a big market, has to become an export hub. The present central government has made India the biggest economic power in the world. (economic power) The target of 2047 has been set.
The International Monetary Fund has predicted this. According to this, by 2027, India will leave behind Germany and Japan on the economic front. America will become the third largest economy in the world after China. Only five years are left for this.
India is currently the fifth largest economy in the world. India has left behind Britain which once ruled India for 150 years. But the question is, how long will it take for India to become as rich as America, to become an economic superpower.
The International Monetary Fund has prepared a report on this. According to this, currently the economy of Japan and Germany is worth 5.2 trillion dollars. (trillion dollars) And it is likely to increase to 4.9 news dollars. So India will become a $5.4 trillion economy by 2027.
The Modi government has only dreamed of becoming a $5 trillion economy. But according to IFM data, India will cross this figure. But the economy of America and China, which are the real rivals of India, is going to grow rapidly. By then America’s economy will grow to $30.28 trillion, while China’s economy will grow to $26.44 trillion.
Beating Japan and Germany in the next five years is not a big challenge for India. India will meet this challenge and make it a reality. But the real challenge is to become a global economy. A lot of capital and industry is needed to get the speed that India needs. There is no dearth of skilled manpower in India.
Before the Corona epidemic, i.e. from 2014 to 2019, India’s annual growth rate in dollar terms was about 6.8 percent. While this rate of America was 4 percent and China’s growth rate was 6.4 percent. If India continues to run at this pace, it will take about 400 years to become a world economy.
Post Covid, India’s growth in 2021-22 decelerates in dollar terms. According to this, it will take about 650 years for India to reach the goal of economic superpower. The Indian economy is expected to grow at a rate of 6% to 6.8% in the financial year 2023-24.
Of course India will have to make major changes to become a global economy by 2047. India has to achieve a growth rate of 14 per cent every year to become an economic superpower. Indian GDP is currently estimated at 6.5 to 7.7%.
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