Expert expects India's share in global GDP to grow to 30 per cent

India is expected to account for 30 per cent of global gross domestic product between 2035 and 2040, G20 Sherpa Amitabh Kant said at the CII Annual Business Summit 2024.

He said structural reforms have moved the country from a “fragile five” to a “top 5” economy in the world. The expert recalled that India's GDP grew by 8.4 per cent in the last three quarters. This was reported by IANS, a partner of TV BRICS.

Analysts predict that the South Asian country will become the world's third largest economy by 2030.

Earlier, the United Nations revised up India's economic growth forecast for 2024, raising it to 6.9 per cent from the previous estimate of 6.2 per cent made in January. The new BRICS development bank plans to issue 30 per cent of its debt instruments in local currencies, including Indian rupee bonds, between 2022 and 2026.