India's Economic Surge: Projecting the Path to Global Prominence

India is on a robust economic growth trajectory, with GDP projected to rise to 7.2% in 2024-25, followed by a probable return to an 8% trend post-pandemic. As the fastest-growing major economy, India is poised to become the world's third-largest economy by 2030, with significant digital technology adoption.

India's economic trajectory continues its upward surge, with GDP growth expected to reach 7.2% in 2024-25. This was announced by Reserve Bank of India Deputy Governor Michael Debabrata Patra at a recent New York Fed Central Banking Seminar. He emphasized India's youthful demographic advantage as a pivotal factor in this growth projection.

India is set to become the world's third-largest economy by 2030. Since 1947, the nation has experienced three major economic shifts, and post-pandemic recovery periods indicate a sustained growth rate of 8%. While the country already stands as the third-largest economy in purchasing power parity, its market exchange rates position it as the fifth largest.

Inflation remains a key focus, with CPI-based inflation projected at 4.5% in 2024-25. Despite recent fluctuations, expectations suggest alignment with targets by late 2024. Patra also highlighted India's leadership in leveraging digital technologies for transformative change, further consolidating its global economic stature.

(With inputs from agencies.)