CEBR Forecasts India As Third-Largest Economy By 2032, Global Economic Leader By Century's End
The Centre for Economics and Business Research (CEBR) has recently released a groundbreaking report projecting India’s trajectory as the preeminent global economic superpower by the close of the century. This bold projection places India on a course to surpass both China and the United States in Gross Domestic Product (GDP), underlining its sustained and robust economic growth.
According to the latest World Economic League Table by CEBR, India’s GDP is poised to exceed that of China by a staggering 90% and surpass that of the United States by 30%. This monumental shift is anticipated to materialize post-2080, aligning with demographic estimates and projections. The report paints a picture of India emerging as the world’s economic powerhouse, a testament to its demographic advantage and economic vibrancy.
A critical element of this ascension is India’s forecasted average growth rate of 6.5% from 2024 to 2028. This trajectory positions India to become the world’s third-largest economy by 2032, outpacing economic stalwarts like Japan and Germany. The sustained growth, according to the report, is attributed to India’s expansive and youthful population, a burgeoning middle class, a dynamic entrepreneurial sector, and an increasing integration into the global economy.
While celebrating this economic ascent, the CEBR report emphasizes the need for proactive measures to address key challenges. Poverty reduction, inequality, human capital development, infrastructure enhancement, and environmental sustainability are identified as critical areas requiring attention. The report serves as a call to action, urging concerted efforts from the government, private sector, civil society, and collaboration with the international community to effectively tackle these challenges.
Despite the identified challenges, India has showcased substantial economic resilience. In the fiscal year 2022-23, the country recorded a robust GDP growth of 7.2%. CEBR acknowledges this resilience but anticipates a marginal moderation in growth to 6.4% for the fiscal year 2023-24. Even with this slight dip, the projection indicates that India’s economic output is set to surpass pre-pandemic levels by an impressive 17.2%.
Q: According to the Centre for Economics and Business Research (CEBR), what is the projected growth rate for India from 2024 to 2028?
A: The projected growth rate for India from 2024 to 2028 is an average of 6.5%, according to the CEBR report.
Q: When does the CEBR anticipate India surpassing China and the United States in Gross Domestic Product (GDP)?
A: The CEBR anticipates India surpassing China and the United States in GDP post-2080, aligning with demographic estimates and projections.
Q: What are the key drivers of India’s economic ascent, as highlighted in the CEBR report?
A: The key drivers of India’s economic ascent include its expansive and youthful population, a burgeoning middle class, a dynamic entrepreneurial sector, and an increasing integration into the global economy.
Q: By which year is India projected to become the world’s third-largest economy, surpassing Japan and Germany?
A: India is projected to become the world’s third-largest economy by 2032, surpassing Japan and Germany, according to the CEBR report.
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