India emerges as world’s fastest growing major economy, says Sanjeev Sanyal

  • Date: 11-Feb-2024
  • Source: Times of Oman
  • Sector:Real Estate
  • Country:Oman
  • Who else needs to know?

India emerges as world’s fastest growing major economy, says Sanjeev Sanyal

Muscat: Sanjeev Sanyal, an internationally acclaimed economist and a key advisor to the Indian Prime Minister, forecasted a bright future for India's economy, projecting it to soon claim the position of the world's third-largest economy.

Speaking exclusively to Times of Oman during his recent visit to the Sultanate, Sanyal remarked:

"In the past two years, India has maintained a commendable 7 percent annual growth rate, surpassing all other major economies worldwide. Despite global economic stagnation, our sustained growth momentum positions us as the fastest-growing economy globally."

"Presently ranked fifth in GDP, we anticipate overtaking Germany within the next 18 months to become the fourth-largest economy, and subsequently surpassing Japan in the next 18 months to claim the third spot, trailing only the USA and China."

Highlighting India's economic resilience, Sanyal emphasised, "Our ability to sustain robust growth amidst global economic challenges is noteworthy. With a solid economic framework established over the past decade, we have the potential to sustain growth rates around 7-8 percent consistently. Already, in terms of purchasing power parity, India is ranked as the third-largest economy."

Acknowledging India's ongoing challenge of income inequality, Sanyal conceded, "While India's economic strides are significant, we must recognise that in per capita terms, we remain a