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3rd Largest Economy of World
September 9 , 2022
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- India is set to become the third largest economy in the world by 2029.
- A State Bank of India report said India will surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth.
- The share of India’s GDP to the World is now at 3.5 per cent.
- It is likely to cross 4 per cent in 2027, which is the current share of Germany in global GDP.
- However, in terms of GDP per capita, India still lags behind most economies in the world.
- As per World Bank data it had a GDP per capita of $2,277 in 2021, whereas the UK had a per capita income of $47,334.
- China’s per capita income was nearly six times India’s at $12,556 in 2021.
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