India is on track to surpass the United States economically. This was stated by RBI in its monthly report a few weeks prior. The majority of the organizations predicted that India will see economic growth of about 6.5 percent in the current fiscal year. In the current fiscal year, India’s economic growth rate would be 6.2 percent, according to research released by Morgan Stanley on Thursday.

India had a $2 trillion economic output in 2014 and was the 10th largest economy in the world. It improved to the seventh position a year later. It peaked at No. 6 in 2017 and No. 5 in 2021. According to current International Monetary Fund (IMF) forecasts, it will have the third-largest economy in the world behind the US and China by 2027. But there are some restrictions.

S&P, a data, research, and analytics company, stated in a study published in New Delhi that India is presently in a situation where it may become an economic powerhouse in the next ten years, in contrast to Morgan Stanley, which stated that the Indian capital market is currently performing well. Given that it is rated as “overweight,” India’s economy will do better than other nations in its category, which will benefit the performance of its stock market.

India will need to expand at a rate of more than 8% annually in dollar terms between 2024 and 2027 to take the third spot. However, recent years have not seen a sustained period of such rapid development.

The majority of the organizations predicted that India will see economic growth of about 6.5 percent in the current fiscal year. According to a recently published estimate by the RBI, India may join the developed world by the year 2047 provided it maintains a seven percent annual economic growth rate for the following 25 years.

India has demonstrated the ability to recover from the Kovid outbreak considerably better. India’s average annual economic growth rate between 2024 and 2031 will be 6.7 percent, and as a result, India’s present $ 3.4 billion GDP will rise to $ 6.7 billion. The per capita income will rise to $4500 per person along with this.

According to the research, India’s 678 million workers will be responsible for driving economic growth, but more and more women will need to be included in the labor market. According to the data for 2022, just 24% of Indian women are employed. The second concern is with further promoting manufacturing.

India’s energy consumption is predicted to double by the year 2050, according to information. India requires its conventional and alternative energy industries to work together more effectively for this.

India will inevitably move up the ranks for gross domestic product (GDP), but its low per capita GDP – a more accurate measure of wealth – is reason for concern. Among the 10 major economies, it has the lowest GDP per person.

In 2014, the average Indian earned $1,560, compared to $55,084 for Americans, a 35-fold increase. Germans made 31 times more than the typical Indian, the British made 30 times as much, while the French, Japanese, and Italians made at least 20 times as much. In the area, the average income of a Chinese individual is five times more than that of an Indian.

These disparities will undoubtedly narrow by 2027, but India should concentrate on catching up to its competitors at the top of the chart in terms of per capita income.