Published On: Tue, Jun 4th, 2019

India projected to become world’s 5th largest economy: IHS forecast

By year 2025 India may become world’s fifth largest economy. It would over that of United Kingdom. In Asia-Pacific region the country will stand tall at second position, surpassing Japan too.

IHS Markit report reveals India’s economy under Prime Minister Narendra Modi and with Bharatiya Janata Party’s victory in the recent Lok Sabha elections looks positive.

The forecast of Indian GDP could be at average of 7 percent per year over 2019/2013 period.

The report added further, “India is forecast to become the world’s fifth largest economy in 2019, reaching a total GDP size exceeding USD 3 trillion, and overtaking its former colonial ruler, the United Kingdom. By 2025, Indian GDP is also forecast to surpass Japan, which will make India the second-largest economy in the Asia-Pacific region.”

It is learned India will also contribute to the global growth momentum and to play key role in the economic growth of Asia-Pacific region.

India, economy, IHS forecast

IHS added the country would drive reforms in the public sector banks and minimize non-performing loans burden. The manufacturing sector is projected to share 18 percent in the GDP though the target is for 25 percent. It is projected around 7.5 million people will join the workforce per year in the period of next two decades.

Under the second term of Modi government the Make In India policy will be a strategic priority and improve manufacturing sector output growth.

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About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade. He can be contacted at knowledgeherald@gmail.com

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