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.
Posting a photo of the meeting on the social media platform X, Acharya Pramod Krishnam…
Colonel Mustafa urges youth to use geography actively for disaster management, policy, and national development.
India names a record 111-member team for Deaflympics 2025, competing across 11 sports disciplines.
PM Modi, Amit Shah, and leaders extend birthday wishes to Bharat Ratna LK Advani.
Justice Vikram Nath praised PM Modi’s vision for inclusive, tech-driven justice and legal empowerment.
Justice Surya Kant urged empathetic, tech-driven legal aid reforms to make justice accessible and inclusive.