India to become world's 3rd largest economy by 2032, China to beat US by 2037: WELT

India ecomy growth forecast: Indian ecomy, which is one of fastest-growing ecomies in world currently, is poised to beat Japan and Germany to become world's third-largest ecomy by 2032, according to a recent report by World Ecomic League Table (WELT). findings shed light on India's impressive growth trajectory, driven by a combination of factors including demographic trends, robust GDP expansion, and strategic policy initiatives.

India's growth trajectory

WELT report underscores India's ecomic resilience, projecting a GDP growth rate of 6.4 per cent in fiscal year 2023/24, following a remarkable 7.2 per cent growth in previous fiscal year. This momentum is expected to propel India's output beyond pre-pandemic levels by a staggering 17.2 per cent.

Despite facing headwinds such as global demand moderation and inflationary pressures, India remains steadfast in its pursuit of ecomic prosperity. Reserve Bank of India's proactive measures to tighten monetary policy and curb inflation reflect a commitment to maintaining price stability and sustainable growth.

Challenges and opportunities ahead

While India's growth prospects appear promising, nation grapples with persistent challenges such as poverty, inequality, and infrastructure deficits, report said. Addressing se issues demands concerted efforts from government, private sector, and civil society to ensure inclusive and sustainable development.

As country gears up for next general elections in 2024, outcome holds significant implications for nation's domestic and foreign policy nda. election results will shape India's trajectory for next five years, influencing its relations with neighbouring countries and major global powers.

China's ecomic outlook

Meanwhile, WELT report also anticipates China's ascent to pinnacle of global ecomy, surpassing United States as largest ecomy by 2037. Despite challenges such as gradual recovery from COVID-19 pandemic and demographic shifts, China's ecomic policies and population size position it for substantial growth in coming years.

projected ecomic dominance of India and China holds far-reaching implications for global dynamics and geopolitical relations. As se two Asian giants chart ir courses toward ecomic supremacy, global community braces for a new era of ecomic competition and cooperation. evolving landscape underscores importance of strategic responses and collaborative efforts to address shared challenges and capitalise on emerging opportunities.