According to a report by SBI Research, India is likely to become the third largest economy by FY28, two years earlier than projected. The report said that India's economy is expected to grow at a compound annual growth rate (CAGR) of 7.5% in the next five years, reaching a size of $5.36 trillion by FY28. This would make India the third largest economy in the world, after the United States and China.
The report attributed India's growth potential to a number of factors, including:
- A young and growing population.
- A rising middle class.
- A strong domestic market.
- A favorable investment climate.
- A focus on export-led growth.
The report also said that India's growth would be supported by a number of government policies, including:
- The Pradhan Mantri Jan Dhan Yojana (PMJDY), which has provided bank accounts to over 400 million people.
- The Pradhan Mantri Kaushal Vikas Yojana (PMKVY), which has trained over 30 million people in skills.
- The Make in India initiative, which is aimed at boosting manufacturing.
- The Digital India initiative, which is aimed at improving digital infrastructure.
The report said that India's growth would have a positive impact on the global economy. It said that India's growing demand for goods and services would create new opportunities for businesses around the world. It also said that India's growth would help to reduce poverty and inequality in the world.
Overall, the report is a positive assessment of India's economic prospects. It suggests that India is on track to become a major economic power in the coming years.
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