India may Become Third biggest Economy After US, China in 5 years

In next five years, India may become the third biggest economy after the  United States and China, says International Monetary Fund's World  Economic Outlook database.

As per the IMF, the South Asian country is most likely to reach the position two years earlier than initially expected, overtaking Germany & Japan.

India may supersede the United Kingdom by the this year and become the fifth biggest economy, added the World Economic Outlook database.

Looking at the numbers presented by IMF, the per capita GDP of India will reach $3,652 in 2027 as compared to $2,466 in 2022.

Considering India's prospective to supersede Germany and Japan, the IMF's report said that though inflation in India is high.

But is not skyrocketing current account deficit high but expected to moderate.

India's forex reserves at nearly $550 billion fiscal situation is comfortable.

Earlier in the January-March quarter of FY 2021-22, India had overtaken the United Kingdom as fifth largest economy.

The IMF slashed India's GDP forecast to 6.8% in 2022, from 7.4% prediction in July and 8.2% prediction in January. Between April 2021-March 2022, India had grown at 8.7%.