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India Set to Overtake Japan and Germany, Eyeing Third Spot in Global Economy by 2027

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India is poised for a monumental economic leap, projected to surpass Japan and Germany to claim the title of the world’s third-largest economy by 2027, fueled by a vibrant domestic demand and a series of transformative government reforms

India is on the brink of surpassing both Japan and Germany to become the world’s third-largest economy by 2027, with its GDP poised to reach the $5 trillion mark, according to forecasts from the Indian Ministry of Finance.

Currently positioned as the fifth-largest global economy, trailing behind the United States, China, Japan, and Germany, India’s anticipated leapfrogging over Japan and Germany marks a significant milestone in its economic trajectory.

The fiscal year 2024, which commenced on April 1, 2023, and concludes on March 31 of this year, is expected to witness a robust 7% growth in India’s economy, potentially even surpassing this figure, as per the Ministry’s projections.

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Ananta Nagesvaran, the Chief Economic Advisor to the Indian government, attributed this vigorous growth to a resilient domestic demand driven by private consumption and investments, a direct outcome of the comprehensive reforms and policy measures implemented by the government over the past decade, as reported by CNBC.

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