…then by 2031 India will overtake China! Understand the whole thing in 5 points

A report in the New York Times suggests that the economies of China and America completely succumbed to the Kovid epidemic. The growth rate fell below 3% or remained around it. But India proved to be an exception to this.

India’s economy giving competition to China

The situation in China is bad. Especially covid After the start of the era, the situation has become worse. The rest was done by ‘China One Policy’. This policy of China is a kind of usurpation policy in which there is a strategy to merge countries like Taiwan and Hong Kong. Due to this grab policy, there is a stir among the companies doing business in China. Kovid has kept these companies in the same way. In such a situation, big companies are turning to India. In such a situation, the coming day will be of India in terms of manufacturing. Signs of this have also started appearing. growth rate According to this, where America and China, which are called the factories of the world, are wandering below or around 3 percent, while India is running above 7 percent. If inflation comes down, then this figure can increase even more.

India is currently the third largest economy in the world in terms of PPP, accounting for 7 per cent of the global economy after China and the US. Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, says that if India maintains a growth rate of 11% in the next decade, then by 2031, India can become the second largest economy in the world. Earlier this estimate was made for 2048. But Michael Debrat is forecasting it only till 2031. To understand India’s growth rate, let’s look at 5 points.

1- If the growth rate does not increase then…

The next decade is the most important for India. If the growth rate of 11% is maintained in the next decade, then India can become the second largest economy by 2031. But if India does not maintain or catch this growth rate and shrinks to 4 to 5 percent growth rate in 2040-50, it will overtake China to become the world’s largest economy in 2060.

2-India flight started in 2015

According to the market exchange rate, India is the sixth largest economy in the world. To understand the fast pace of India, one has to know about some other countries. Japan’s economy picked up in the 1960s and remained so until the 1970s-80s. After this, China’s economy came into motion in 1990, which made it the second largest economy in the world. But now it has a slope. After this, India’s economy has picked up pace since 2015.

3-India’s 14% Global Growth

A report in the New York Times suggests that the economies of China and America completely succumbed to the Kovid epidemic. The growth rate fell below 3% or remained around it. But India proved to be an exception to this. The impact of the Kovid epidemic on India is not visible as soon as the lockdown opened, all kinds of work came back on track. Despite the pandemic and the war in Europe, India is giving 14% of the world’s growth rate. The fact is that in 2022, India will play the most important role in global growth after China.

4-The year of 2027 will be important

In terms of purchasing power parity i.e. PPP, at present, India’s share in global GDP is 7 percent, while China has 18 percent and America has 16 percent. At market exchange rates, India’s GDP is expected to reach $5 trillion by 2027. PPP terms are expected to reach $16 trillion by 2027, which will be $10 trillion more than in 2021.

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5-Manufacture will ring

To promote manufacturing, the government has started the Make in India campaign. Under this PLI scheme is being run in which companies are being encouraged to speed up the construction work by giving incentives. Under Make in India, the government has set the growth rate of manufacturing at 10%. Its share can go up to 25% in 2030-31. In this sense, India can emerge as the world’s largest manufacturing hub.