India to be a USD 3.7 trillion economy in 2023

According to a Reserve Bank article that emphasised how the macroeconomic stability is becoming more established, India's GDP will be worth USD 3.7 trillion in 2023, keeping its lead over the UK as the fifth largest economy in the world.
Based on an article titled "State of the Economy" that was published in the January bulletin of the RBI, recent data arrivals show that the first milestone of monetary policy is being passed—bringing inflation within the tolerance band.
The objective during 2023 is to tether inflation therein so that it aligns with the target by 2024 – the second milestone, said the article authored by a team lead by RBI Deputy Governor Michael Debabrata Patra.
“At current prices and exchange rates, therefore, India will be a USD 3.7 trillion economy in 2023, maintaining its lead over the UK as the fifth largest economy of the world,” it said.
According to the IMF’s calculations, India will move into fourth place in 2025 and into the third place in 2027 as a USD 5.4 trillion economy.
According to the report, even while inflation may typically be far above expectations, a slowdown in growth with potential for recession in significant portions of the global economy has become the baseline assessment.
Emerging markets seem more resilient than they did last year, but in 2023, the US currency and monetary policy will be their main threats. “In India, the softening of commodity prices and other costs amidst strong revenues appears to have boosted corporate performance,” it said.