16 Jul 2019
An HIS Markit report is predicting that India is set to become one of the world’s top 5 economies, placing fifth, getting ahead of the UK in the process.
India’s Finance ministry issued a report to show the country’s long-term financial plans, with the economy reaching $3 trillion and increasing to $5 by 2025. The HIS Markit report also said that the country’s GDP is expected to be around $5.9 trillion by 2025, thus joining the top 3 economies in the world. The Indian consumer market is also expected to grow; $1.9 trillion in 2019 and reaches $3.6 in 2025. Furthermore, the population growth is estimated to get slower.
The report said, ‘As India continues to ascend in the rankings of the world's largest economies, its contribution to global GDP growth momentum will also increase. As the size of its consumer market continues to grow at a rapid pace, India will also play an increasingly important role as one of the Asia-Pacific region's major economic growth engines, helping to drive Asian regional trade and investment flows.’
In order to attain the goals set, India’s government must work to see the economy grow through investments, savings and exports. The investments it hopes to attract will allow for more creative spaces and hubs, efficiency and an increase in employment rates.