India's economy shrank 5.8% during the pandemic, then rebounded 9.7% in 2021 and grew more than 7% a year for four straight years, according to Kim. Its 7.83% average growth over 2021-2025 is the second-highest five-year average since 1960, just below the 7.89% recorded in 2003-2007. GDP has grown from slightly above $1 trillion in 2007 to nearly $4 trillion now, so the same 7% rate adds far more output than it did two decades ago. The World Bank, IMF and ADB all project growth around or above 7% for the current and next fiscal years, though the article notes these are not guarantees. Kim said India is projected to become the world's third-largest economy around 2030, a outcome that would depend on exchange rates, inflation and the performance of other major economies.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: India $4 trillion economy : Can it beat its 2003 07 growth streak and become No . 3 by 2030 ?
Read the original on businesstoday.in ↗
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