India Likely To Overtake Japan & Germany To Become Third Biggest Economy By 2028, Says IMF

After overtaking the UK as the fifth largest economy last month, India seems set to overtake Japan and Germany to become the third largest economy in the world.

India is likely to become the third biggest economy behind the US and China by 2027-28, i.e. two years earlier than initially expected, overtaking Germany and Japan, according to the International Monetary Fund (IMF) World Economic Outlook database. The top two economies will continue to be the US and China.

Expected Figures For Upcoming Years

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By 2025-26 (FY26), the Indian economy would equal Germany¡¯s to be the fourth largest. It would become the third largest by 2027-28 (FY28), when it is projected to grow bigger than Japan, according to IMF World Economic Outlook, as per a Business Standard report.

By 2026-27, India¡¯s economy would not be $5 trillion as hoped by the finance ministry, but close enough. It would be $4.94 trillion that year.

The following year, India¡¯s economy would hit the $5.36-trillion mark, higher than Japan¡¯s at $5.17 trillion. That year, India would become the third largest economy, the report mentioned.

The size of India¡¯s economy is calculated on a financial year basis (April to March). For other economies, it is on a calendar year basis.

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Indian Economy To Touch $20 Trillion By 2047

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2047, i.e. the year in which our country completes 100 years of independence, its economy can reach the USD 20 trillion mark.

This is as per EAC-PM (Economic Advisory Council to the Prime Minister) Chairman Bibek Debroy who had said in August 2022, ¡°India can become an upper-middle-income country by 2047 if it manages to achieve a sustained growth rate of 7-7.5% for the next 25 years. The country can become a $20 trillion economy by 2047 at this growth rate.¡± Click here to know more about this.

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