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Indian GDP growth rate 7.2 in Pakistani reaction | India is a 4 trillion economy in a world.

India will become USD 5 trillion economy in 2-2.5 years: Piyush


India will become USD 5 trillion economy in 2-2.5 years: Piyush Goyal
Read more At:
https://www.aninews.in/news/national/...


India will become USD 5 trillion economy in 2-2.5 years: Piyush Goyal
Read more At:
https://www.aninews.in/news/national/...

India will become USD 5 trillion economy in 2-2.5 years: Piyush Goyal
Read more At:
https://www.aninews.in/news/national/...
India will be a USD 5 trillion economy and the third largest in the world by market exchange rates by 2027, aided by the demographic advantage and pace of financial sector development, Reserve Bank Deputy Governor Michael D Patra has said.
Delivering a speech at the 16th SEACEN-BIS High-Level Seminar hosted by the National Bank of Cambodia on Monday, Patra said it is widely believed that during the next two decades -- if not for longer -- the centre of gravity of the global economy will shift eastward to Asia.
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The IMF's Regional Economic Outlook for Asia and the Pacific indicates that this region will contribute about two-thirds of global growth in 2023 itself and India will account for a sixth of world output growth in 2023 and 2024, he said.
In terms of market exchange rates, he said India is the fifth-largest economy in the world and the third-largest economy on the basis of purchasing power parity.
"Our assessment is that by 2027, India will be a USD 5 trillion economy and the third largest in the world even by market exchange rates. A key driver in this transformation is likely to be the window of a demographic dividend that opened up in 2018 and will probably last till the 2040s, going by fertility and mortality rates," Patra said.
"We are the most populous country in the world at 1.4 billion and the youngest at an average age of 28 years. The other major catalyst of India's progress will be the pace and quality of financial sector development, which is the theme of my address today," he said.