India will be the world’s third largest economy by 2027, surpassing Japan, Germany: Sitharaman
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New Delhi. Finance Minister Nirmala Sitharaman has expressed confidence that India will become the world’s third largest economy by 2027, surpassing Japan and Germany. Addressing the ‘Indo-Pacific Regional Dialogue’ on Wednesday, Sitharaman said that despite global adverse conditions, India’s economic growth rate this year is expected to be slightly less than seven percent. This is the highest among the world’s major economies. He said that therefore the Indian economy is on the right track and moving towards a bright future.
Sitharaman said the Indian economy is in a better position amid supply-chain disruptions and economic instability due to contemporary conflicts affecting the Indo-Pacific such as the Ukraine war, Israel or Yemen crises and ongoing tensions in the South and East China Sea. He said, “According to International Monetary Fund (IMF) estimates, the Indian economy is set to become the world’s third largest economy by 2027, leaving behind Japan and Germany. At that time India’s gross domestic product (GDP) will cross the level of US $ 5,000 billion. India wants to become a developed economy by 2047.
On India’s blue economy (ocean economy), he said that it is about four percent of the GDP. He said that there are nine states and four union territories in India, which are located on the coastline. There are 12 major and over 200 non-major ports. There is a vast network of waterways for international and domestic trade. According to UNCTAD, India was the second largest exporter of ocean-based goods and services among developing countries in 2020. Sitharaman emphasized that the Indo-Pacific is undoubtedly the most economically dynamic region in the world. He said it includes 60 percent of global gross domestic product and about 50 percent of global merchandise trade. The minister said that on the other hand, the Indo-Pacific is also a geopolitically disputed region, which is being affected by competition among big powers.
He said that as India accelerates its economic growth and uplifts its vast people, taking them from poverty to prosperity, it is showcasing its broader national strength as well as its influence at the international level. Increasing height. Sitharaman said, “Today Indians, whether at home or abroad, stand with their heads held high, walk, talk and work… the world appreciates India’s achievements and successes and in the midst of many crises Its fighting capability is appreciated…” He said India’s global ranking in terms of international exports has increased from 44th position in 2014 to 22nd position in 2023.
Sitharaman said that similarly as per the World Bank’s Logistics Performance Index Report 2023, the turn-around time (time taken by a ship to go to a destination and come back from there) of Indian ports is now only 0.9 days, which is less than Singapore, United This is lower than the ports of established maritime hubs like UAE, Germany, US, Australia, Russia and South Africa.
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