Economics and Business Research Center (CEBR) has recently released an unprecedented report describing India’s trajectory as the best Global economic superpower by the end of the century, This bold projection puts India on track to overtake both China and the United States in gross domestic product (GDP), underscoring its continued and strong economic growth.
Estimated GDP will surpass that of China and the United States
According to CEBR’s latest World Economic League table, India’s GDP is poised to be 90% higher than China’s and 30% higher than the United States. This is a monumental change Expected to be realized after 2080, aligning with demographic projections and projections. The report paints a picture of India’s emergence as the world’s economic superpower, a testament to its demographic dividend and economic vitality.
Stable growth path: 6.5% from 2024 to 2028
An important element of this ascent is India’s projected average growth rate from 2024 to 2028 is 6.5%. This trajectory positions India to become World’s third largest economy by 2032, overtook economic giants like Japan and Germany. According to the report, the sustained growth is attributed to India’s large and young population, growing middle class, dynamic entrepreneurial sector and increasing integration into the global economy.
Solving challenges for sustainable development
While celebrating this economic progress, the CEBR report emphasizes the need for proactive measures to tackle key challenges. Poverty reduction, inequality, human capital development, infrastructure enhancement and environmental sustainability are identified as important areas requiring attention. The report serves as a call to action, urging concerted efforts by governments, the private sector, civil society and the international community to effectively address these challenges.
Economic resilience amid challenges
Despite the identified challenges, India has demonstrated substantial economic resilience. The country recorded a strong GDP growth of 7.2% in the financial year 2022-23., CEBR acknowledges this flexibility but expects growth to decline modestly to 6.4% for fiscal year 2023-24. Even with this modest decline, estimates indicate that India’s economic output is set to surpass pre-pandemic levels by an impressive 17.2%.
exam related questions
Question: According to the Center for Economics and Business Research (CEBR), what is the projected growth rate of India from 2024 to 2028?
Answer: According to the CEBR report, India’s projected growth rate from 2024 to 2028 is an average of 6.5%.
Question: When does CEBR estimate India to overtake China and the United States in gross domestic product (GDP)?
Answer: CEBR estimates that India will overtake China and the United States in GDP after 2080, in line with demographic projections and projections.
Question: What are the key drivers of India’s economic growth, as highlighted in the CEBR report?
Answer: The key drivers of India’s economic growth include its large and young population, a growing middle class, a dynamic entrepreneurial sector and increasing integration into the global economy.
Question: By which year India is expected to become the world’s third largest economy, surpassing Japan and Germany?