MUMBAI: India is likely to become the third largest economy by 2029 — up seven places since 2014 when the Country was ranked 10th — a State Bank of India report stated recently. India is currently ranked fifth largest economy.

“The path taken by India since 2014 reveals the Country is likely to get the tag of third largest economy by 2029,” the report said.

The research report from SBI’s Economic Research Department highlighted that Gross Domestic Product (GDP) growth rate for FY23 is estimated between 6.7-7.7 per cent, but it is normal to have a 6-6.5 per cent growth due to global uncertainties.

According to a recent Bloomberg report, India had surpassed Britain to become the world’s fifth largest economy. India extended its lead in the first quarter, showed the GDP figures from the International Monetary Fund. But, as per the SBI report, India had surpassed the UK as the fifth largest economy as early as December 2021 itself.

“The share of India’s GDP is now at 3.5 per cent, as against 2.6 per cent in 2014, and is likely to cross 4 per cent in 2027, which is the current share of Germany in global GDP,” the report added.