India to become 3rd largest economy in 2025, will overtake Japan

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India:India will this year overtake the UK to become the world’s fifth biggest economy, and is poised to surpass Japan to be the third largest in 2025, IHS Markit said in a report Friday. Following the re-election of the BJP government led by Prime Minister Narendra Modi to a second term of office in May 2019, the Finance Ministry has published an economic roadmap to 2025 in its latest annual Economic Survey.

The key goal is to transform India from a $3 trillion economy in 2019 to a $5 trillion economy by 2025, lifting India into the ranks of the world’s upper-middle-income countries, it said.

“IHS Markit estimates that India will overtake the UK to become the world’s fifth largest economy in 2019, and forecasts that Indian GDP will reach $5.9 trillion in 2025, surpassing Japanese GDP to make India the world’s third-largest economy,” the report said.

Also, the size of the Indian consumer market is forecast to increase from $1.9 trillion in 2019 to $3.6 trillion by 2025.

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