India to be world's 3rd largest economy by 2027, 2 years earlier than target says SBI report

India is likely to get the tag of the 3rd largest economy by FY2027-28 based on actual GDP data as on March 2023, SBI Research says in its latest 'Ecowrap' report.

The projections come against the backdrop of Prime Minister Narendra Modi's statement on Wednesday, in which he says India will be among the "top three economies in the world" during the third term of the BJP government.

India is currently ranked fifth largest economy.

"The path taken by India since 2014 reveals that India is likely to get the tag of the third largest economy in 2027 (or FY28) based on actual GDP data as on March 2023, a movement of seven places upwards since 2014 when India was ranked tenth and two years earlier than our previous forecast of 2029," the report said.

"At this rate, India is likely to add $0.75 trillion in every 2 years, implying that India is all set to touch $20 trillion by 2047, at least on current numbers. India’s global share in GDP will cross 4 per cent by 2027," the report mentioned.

The GDP size of major Indian states in 2027 could be more than the size of some of the Asian and European countries like Vietnam, Norway, and so on.