Oddbean

India can become world’s second-largest economy by 2031: RBI Dy Governor ========== India can become the world's second-largest economy by 2031 and the largest economy by 2060, according to RBI Deputy Governor Michael Debabrata Patra. The Organisation for Economic Cooperation and Development (OECD) projects that India will overtake the US in terms of purchasing power parity (PPP) by 2048 to become the second-largest economy. Patra argues that PPP is a better measure than exchange rates for cross-country comparisons. Currently, India is the 5th largest economy in terms of exchange rate with a GDP of $3.6 trillion, but in PPP terms, it is the 3rd largest economy with a GDP of $14.5 trillion. Patra lists several positive factors contributing to India's growth prospects, including capital accumulation, macroeconomic and financial stability, and the digital revolution. He predicts that India's general government debt will decline to 78.2% of GDP by the end of the decade. https://www.newindianexpress.com/business/2024/Jul/13/india-can-become-worlds-second-largest-economy-by-2031-rbi-dy-governor