Close X
Thursday, November 14, 2024
ADVT 
India

India poised to become 3rd largest economy in the world: Ashwini Vaishnaw

Darpan News Desk IANS, 27 Aug, 2024 01:25 PM
  • India poised to become 3rd largest economy in the world: Ashwini Vaishnaw

New Delhi, Aug 27 (IANS) India would soon become the third largest economy in the world, Union Information and Broadcasting, Railways, and Electronics and Information Technology Minister Ashwini Vaishnaw said on Tuesday.

The minister reeled out the growth rates compiled in the IMF’s World Outlook report which shows that India is the fastest-growing economy in 2024 with a growth rate of 7 per cent, followed by China with an estimated growth rate of 5 per cent.

The growth rate for the US, which is currently the largest economy in the world with a GDP of around $28.8 trillion, is estimated at 2.6 per cent which places it at the 7th spot in the pace at which its economy is growing.

The other economies that figure among the 10 fastest growing economies in the world include Indonesia at the 3rd rank with an estimated GDP growth of 5 per cent, followed by Turkey with 3.6 per cent. Next on the list are Russia (3.2 per cent), Poland (3.1 per cent), Spain (2.4 per cent), and Mexico at the 10th rank with a projected GDP growth rate of 2.2 per cent.

The International Monetary Fund had last month raised India's GDP growth forecast for 2024-25 to 7 per cent from 6.8 per cent earlier.

"The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas," the IMF said in its World Economic Outlook report. In the case of advanced countries, the GDP growth rate of the US has been forecast at 2.6 per cent for 2024 and 1.9 per cent in 2025. Japan is expected to grow at 0.7 per cent in 2024 and improve to 1 per cent in 2025.

The GDP growth for the Euro area has been forecast at 0.9 per cent in 2024 which is expected to accelerate to 1.5 per cent in 2025. Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2 per cent in 2024 and 3.3 per cent in 2025.

 

MORE India ARTICLES

56 schools in Jaipur receive bomb threat on 16th anniversary of serial blasts

56 schools in Jaipur receive bomb threat on 16th anniversary of serial blasts
Fifty-six schools in Jaipur received a bomb threat on Monday, at a time when the city observed the 16th anniversary of serial bomb blasts that rocked Rajasthan's capital, killing scores of people and injuring many others, the police said. The police team and bomb disposal squads rushed to the spot after receiving information about the bomb threats through an e-mail in the morning, following which children were also evacuated from all the schools safely.

56 schools in Jaipur receive bomb threat on 16th anniversary of serial blasts

PM Modi working 18-19 hours every day to transform India: Hardeep Puri

PM Modi working 18-19 hours every day to transform India: Hardeep Puri
Terming it a "once in a lifetime" experience to work with Prime Minister Narendra Modi, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday that the PM remains committed to the 'Viksit Bharat' mission, working tirelessly with full passion for 18-19 hours every day to transform India.

PM Modi working 18-19 hours every day to transform India: Hardeep Puri

One killed, six rescued after fire breaks out at ITO building in Delhi

One killed, six rescued after fire breaks out at ITO building in Delhi
A 46-year-old man died while six others were rescued after a fire broke out on the third floor of the Central Revenue building in the ITO area of the national capital on Tuesday, officials said. Several people working in the building were evacuated through the windows using ladders, a fire department official said.

One killed, six rescued after fire breaks out at ITO building in Delhi

PM Modi to hold roadshow in Mumbai on May 15

PM Modi to hold roadshow in Mumbai on May 15
Prime Minister Narendra Modi ahead of the fifth polling phase in 13 constituencies from Maharashtra slated for May 20 will have a busy schedule on May 15. PM Modi will hold a roadshow in Mumbai North East Constituency on Wednesday evening for party nominee Mihir Kotecha and he will also address two campaign rallies in Nashik and Kalyan.

PM Modi to hold roadshow in Mumbai on May 15

India-US ties passing through 'historic era', won't be affected by Pannun case: US Ambassador Garcetti

India-US ties passing through 'historic era', won't be affected by Pannun case: US Ambassador Garcetti
Calling it the "most consequential relationship" that is passing through a "historic era", US Ambassador to India, Eric Garcetti, asserted on Tuesday that the ongoing investigation into an alleged plot to assassinate Sikh activist Gurpatwant Singh Pannun will not affect ties between Washington and New Delhi.

India-US ties passing through 'historic era', won't be affected by Pannun case: US Ambassador Garcetti

Indian Army veteran on UN assignment killed in Gaza attack

Indian Army veteran on UN assignment killed in Gaza attack
An Indian security official with the UN, killed in an attack on his vehicle, became the first foreigner working for the world organisation killed during the current Gaza official, according to a UN source. Colonel Waibhav Anil Kale (retd) had started working a month ago as a security coordinator for the UN Department of Safety and Security (DSS) in Gaza on Monday, the UN official told IANS.

Indian Army veteran on UN assignment killed in Gaza attack