India's G20 Sherpa and former CEO of Niti Aayog, Amitabh Kant stated that the nation is poised to surpass Japan and become the world's fourth-largest economy by 2025, citing several positive macroeconomic indicators.
Currently ranked fifth globally in terms of GDP, India has already outpaced the UK in 2022, marking a remarkable ascent from its eleventh position just a decade ago.
With an estimated GDP of around USD 3.7 trillion, India's journey from being part of the "Fragile 5" in 2013 describe struggling emerging economies including India, Brazil, Indonesia, South Africa, and Turkey, to its current status has been impressive.
Key highlights of India's economic transformation include robust GST collections, consistent GDP growth exceeding 8 percent over the past three quarters, expanding currency trading partnerships encompassing 27 nations, and manageable inflation rates.
Furthermore, the nation has experienced double-digit growth in sectors such as steel, cement, and automobile manufacturing. India has also emerged as a global leader in digital public infrastructure, with e-transactions soaring to 134 billion, constituting 46 percent of global digital payments. The Jan Dhan, Aadhaar, and Mobile trinity initiative has resulted in over Rs 2.32 lakh crore in current balance across opened accounts.
Additionally, the average annual inflation rate has declined from 8.2 percent between 2003-04 and 2013-14 to 5 percent between 2013-14 and 2022-23, further contributing to India's solid economic growth trajectory.
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