India

India Poised To Become 3rd Largest Economy In World: Ashwini Vaishnaw

New Delhi, Aug 27: India is on track to become the world’s third-largest economy, said Union Minister Ashwini Vaishnaw on Tuesday. Citing the IMF’s World Economic Outlook report, he highlighted India’s projected growth rate of 7% in 2024, making it the fastest-growing economy, ahead of China’s 5%.

The U.S., with a GDP of $28.8 trillion, is currently the world’s largest economy. However, its estimated growth rate of 2.6% places it 7th in the global growth ranking. Other fast-growing economies include Indonesia at 5%, Turkey at 3.6%, Russia at 3.2%, Poland at 3.1%, Spain at 2.4%, and Mexico at 2.2%.

Last month, the IMF raised India’s GDP growth forecast for 2024-25 from 6.8% to 7%. The revision reflects stronger private consumption, especially in rural areas. In contrast, advanced economies like the U.S. are expected to grow at 2.6% in 2024 and 1.9% in 2025. Japan’s growth is forecast at 0.7% in 2024, rising to 1% in 2025.

The Euro area’s growth is projected at 0.9% in 2024, improving to 1.5% in 2025. Global growth is expected to align with the April 2024 WEO forecast, at 3.2% in 2024 and 3.3% in 2025.

Also Read: Rohini Court To Hear Defamation Petition Against BBC Documentary India: The Modi Question on December 18

Ajaypal Choudhary

Recent Posts

PM Modi Honors Dr Kasturirangan’s Visionary Contributions To ISRO & Education

In the 121st episode of Mann Ki Baat, PM Modi honoured Dr Kasturirangan for his…

2 hours ago

PM Modi Condemns Pahalgam Terror Attack In Mann Ki Baat; Vows Harshest Response

PM Modi reaffirmed that justice would be served and emphasised national unity in the fight…

3 hours ago

Eze and Sarr Fire Crystal Palace Into First FA Cup Final in Nine Years

Crystal Palace stormed into their first FA Cup Final in nearly a decade with an…

3 hours ago

Adani Group Powers Ahead With Ganga Expressway Project

The Adani Group is working tirelessly to bring to life the Ganga Expressway, set to…

4 hours ago

South Korean Firms Face Strategic Uncertainty Amid Trump’s Shifting Trade Policies

US President Donald Trump has unleashed a wave of executive orders and tariffs designed to…

4 hours ago

Major Blaze Erupts At Enforcement Directorate Office In South Mumbai

A major fire broke out in the early hours of Sunday at the Enforcement Directorate…

5 hours ago