India to Become Third Largest Economy by 2031 | 12 Mar 2024

CRISIL, a major rating agency in India, forecasts the country's Gross Domestic Product (GDP) growth to be 6.8% in the next fiscal year (FY25).

CRISIL expects India's economic growth to moderate slightly from the current fiscal year (FY24) due to factors like higher interest rates but still sees a healthy 6.8% growth for FY25.
Over the next seven years, CRISIL predicts an average annual growth rate of 6.7%, potentially propelling India to become the world's third-largest economy by 2031, trailing behind the US and China.
- India, with a GDP size of USD 3.7 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany.
The projected growth is expected to elevate India's per capita income (reach $4,500 by 2031), allowing it to reach upper-middle-income status by 2031.
Crisil's India Outlook report projects that between fiscal 2025 and 2031, the size of the Indian economy will inch closer to the USD 7 trillion mark.