IMF’s Big Prediction: India To Be 3rd Largest Economy!

India is a soft power giant and economically it is getting bigger and bigger. India is not the fifth-largest economy in the world. As per the World GDP Ranking list India is at the fifth spot. India surpassed countries like the United Kingdom in the process. Now a big prediction came on India’s growth.

First Deputy Managing Director of the International Monetary Fund (IMF) Dr Gita Gopinath made crucial comments on the growth of India. She said that India is growing more than the predictions and it would be the third-largest economy by 2027.

Gita Gopinath in her conversation with India Today said that India’s growth was more than their prediction and a lot of aspects played a key role in this. The measures to take forward the growth affect our forecast. We have seen that private consumption is recovering, she said.

Adding further she said that the private consumption growth in the last fiscal year is close to 4 percent. The recovery in rural consumption is expected to increase to drive growth. Two-wheeler sales picked up and FMCG sales also increased. Good monsoons will lead to better harvests.

With this, the agricultural incomes will increase which in turn raises the rural consumption. Based on FMCG, two-wheeler sales and favourable rain data, IMF projected that India’s growth rate would be 7 percent next year.

Saying that the growth rate would be 7 percent next year the IMF said India would be the third largest economy in the world. It is known that earlier the Finance Ministry predicted 6.5 percent in the financial year 2024. Now the IMF has a slightly big prediction.