India's Economic Leap: 3rd Largest Economy With $10 Trillion GDP By 2032

The Indian economy is set to take a monumental leap. India's rise has caught everyone's attention. From agencies such as World Bank and IMF to corporate giants like JP Morgan and S&P, bold predictions are being made about India. Let's dive in and see what they have to say – but before that, let's have a quick look at how the numbers stack up currently.

According to IMF data, the United States leads the global economy with a GDP of 28.8 trillion dollars, followed by China at 18.5 trillion dollars. Germany with 4.6 trillion dollars and Japan with 4.1, hold the third and fourth positions respectively. Now with an economy of 3.9 trillion dollars, India is currently in fifth position. However, this is expected to change very soon.

Just a decade ago, in 2014, India’s GDP was ranked tenth with a size of 1.9 trillion dollars. Fast forward to today, and India is forecasted to overtake Japan by 2025, with a GDP of 4.34 trillion dollars.

India's Finance Ministry has set more ambitious targets: a 5 trillion-dollar economy by 2027 and a 7 trillion-dollar economy by 2030 – numbers that India's Prime Minister Narendra Modi is confident of achieving.

"I am confident that in my third tenure as PM, we will achieve the target of becoming the world's third-largest economy."

You heard the Prime Minister on India's growth goals. But it's not just the Indian government that's optimistic about India's leap.

Ratings agencies such as S&P Global are also predicting rapid growth for India. S&P expects India to secure its position as the third-largest economy by 2030-31. According to the agency, the path to this position is paved with structural reforms aimed at improving business logistics, boosting private investment, and reducing dependence on public capital.

JP Morgan reflects this optimistic mood as well. JP Morgan CEO Jamie Dimon believes manufacturing growth, especially in sectors like semiconductors under the PLI schemes, will give India a substantial boost.

Speaking at the JP Morgan India Investor Summit in Mumbai, Dimon expressed confidence that India will be a seven trillion-dollar economy by the end of the decade.

In fact, one report goes a step further, predicting that by 2032, India will be a 10 trillion-dollar economy. Experts at IDBI Capital believe India's accelerated growth will be driven primarily by the manufacturing sector. They say, and I quote, "Key initiatives such as 'Make in India' are expected to play a pivotal role in bolstering the nation's manufacturing capabilities and positioning India as a global manufacturing hub" – end of quote.

What do you think of these projections? Will India surpass Japan and Germany to claim the third spot by 2030? Let us know in the comments below.

And don't forget to like, share, and subscribe for more updates on global economics and India's journey to the top.

Also Watch: Apple Supplier Foxconn to Set Up Unit in Tamil Nadu, Invest $1 Billion: Report