India is poised to become a USD two trillion economy this year, while its GDP size would cross another milestone of USD three trillion after five years in 2019, according to IMF’s latest world economic outlook.
India’s ranking would also improve to seventh largest economy in the world, while measured on “current prices” basis in US dollar, in 2019 from its tenth position currently.
Latest data from the International Monetary Fund (IMF) show that Indian economy is set to be worth USD 2.05 trillion this year, increasing its size from USD 1.88 trillion in 2013.
Last year too, India was among the ten largest economies in the world.
Going by the IMF, United States would remain the world’s largest economy with a size of USD 17.42 trillion, followed by China at USD 10.35 trillion.
Meanwhile, India is all set to cross the USD 3 trillion milestone in 2019 with a size of USD 3.18 trillion, surpassing Russia, Brazil and Italy. This would also make India the world’s seventh largest economy.
At that time, Brazilian economy is estimated to be worth USD 2.89 trillion while Russian and Italian economies would have a size of USD 2.59 trillion and USD 2.45 trillion, respectively.
The United States would remain the world’s largest economy in 2019 with a size of USD 22.15 trillion, followed by China (USD 15.52 trillion) and Japan (USD 5.43 trillion).
In 2019, other economies in the top ten segment would be Germany (USD 4.55 trillion), the United Kingdom (USD 3.7 trillion) and France (USD 3.39 trillion).
“India has recovered from its relative slump; thanks in part to effective policies and a renewal of confidence, growth is expected once again to exceed five percent,” as per latest IMF World Economic Outlook report.
India’s economic growth was below 5 percent in the past two financial years.
“The post election recovery of confidence in India also provides an opportunity for that country to embark on its much-needed structural reforms,” according to IMF report.
Prime Minister Narendra Modi-led government took charge in May this year after sweeping the general elections.