India to be the third-largest economy in the next 10-15 years
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New Delhi, Nov 12: India will become the world's third-largest economy in the next 10-15 years, Finance Minister Nirmala Sitharaman asserted on Friday while attending an event with US Treasury Secretary Janet Yellen, who is on a day-long visit to India.
Sitharaman said India has emerged as one of the fastest-growing major economies in the world.
India has recently surpassed the UK to become the fifth-largest economy in the world and is expected to be one of the top three economic powers globally over the next 10-15 years, she said. Earlier in the day, Sitharaman on meeting Yellen noted the importance of the indo-US relationship, saying, “India deeply values its relationship with the US as a trusted partner..." “Our strong ties have been reinforced, through significant and frequent interactions between Prime Minister Narendra Modi and US President Joe Biden and their commitment towards consolidating a strategic partnership." During the meeting, both sides discussed issues of mutual interest, including climate finance, multilateral issues, India-US cooperation at G20 under India's presidency, taxation, supply chain resilience, global economy, and macroeconomic outlook. India-US economic ties are getting stronger and deeper with time. Yellen is in India to participate in the US-India Economic and Financial Partnership. Sitharaman's comments come days after a Morgan Stanley report stated, India is set to surpass Japan and Germany to become the world's third-largest economy by 2027. "Three megatrends--global offshoring, digitalization, and energy transition--are setting the scene for unprecedented economic growth in the country of more than one billion people", Morgan Stanley said in a report.
"India's gross domestic product (GDP) could more than double from $3.5 trillion today to surpass $7.5 trillion by 2031. Its share of global exports could also double over that period, while the BSE could deliver 11 percent annual growth, reaching a market capitalization of $10 trillion in the coming decade," said the report titled 'India's Impending Economic Boom'.