India is expected to become the fastest-growing major economy in 2024, surpassing both the U.S. and China.
Recent forecasts from the Economist Intelligence Unit (EIU) show that India will lead in economic growth from 2024 to 2028. The report suggests that by the mid-2040s, BRICS nations, including India, could surpass the G7 in terms of GDP.
India’s economic rise is fueled by its young population, increasing urban incomes, and recent economic reforms. The country’s GDP growth is projected to reach 7.8% for FY24, driven by strong domestic demand and growing business and consumer confidence.
This follows a strong economic performance in FY24 that exceeded market expectations.
Also read: India Surpasses China To Become Top Importer Of Russian Oil
The International Monetary Fund and S&P Global Ratings have both upgraded their growth forecasts for India. Despite global challenges like high interest rates and geopolitical risks, India’s economy is showing resilience.
To keep this growth going and eventually surpass the U.S. and China, India will need to continue its economic reforms and reduce trade barriers.
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