India likely to become 3rd largest economy by 2027: SBI chief economist

New Delhi, Aug 15: Soumya Kanti Ghosh, the Group Chief Economic Advisor at State Bank of India (SBI), on Tuesday reiterated that India is likely to become the third largest economy by 2027.

Indian economy is currently ranked fifth and is behind the US, China, Japan, and Germany.

In 2014 when Narendra Modi was sworn in as the Prime Minister, India was the 10th largest economy. In 2022, India became the fifth-largest economy overtaking the UK.

“The Prime Minister’s speech today (at the Red Fort) underlines the rapid structural transformation the Indian economy has undergone in the last decade,” SBI’s Ghosh said as per public broadcaster DD News.

“And most likely in the next couple of years, by 2027, India will become the third largest economy, just after US and China. And that is going to be a creditable achievement for India by any standards. As the Prime Minister pointed out, the success of India today lies in its 140 crore people who are aspirational, who are forward-looking, and who are continuously reskilling themselves for a better tomorrow,” Ghosh said.

“It is also a fact that woman-led development today is the norm. And as Prime Minister emphasized, you can see women leading in almost all spheres. Wherever you see there is development and where India is actually moving forward, it’s again a creditable achievement on the part of a country. The fact that India is going to become a developed country by 2047, as Prime Minister emphasized, must be an effort of all Indians holding their hands together. And that is actually a true reflection of unity in diversity. And that is possibly the best gift that India could get in its hundred years of independence,” he added.

PM Modi from the ramparts of the Red Fort last year told countrymen to take a pledge that India must become a developed nation by 2047 – when it celebrates its hundred years of Independence.