In the face of a slowing global economy, India's economy increased more quickly than anticipated in the current fiscal year's July–September quarter because of strong development in the manufacturing, construction and mining sectors. This resulted in a strong 7.7% growth in the first half of 2023–24.
The National Statistical Office (NSO) issued data indicating that the gross domestic product (GDP) increased by 7.6% during the July-September period, which is the second quarter of the 2023–24 fiscal year. This represents a slight decrease from the 7.8% recorded in the April–June period and a rise over the 6.2% reported in the same period last year. The Reserve Bank of India's estimate for the second quarter was exceeded, and the performance exceeded market expectations.
India to be world’s largest economy by 2052: CLSA
India could overtake the US as the largest economy in the world by 2052, with a nominal GDP of $45 trillion, according to a forecast by international brokerage company CLSA. That would be less than 30 years from now, and five years after the government-proclaimed Amrit Kaal ends in 2047. Additionally, it stated that India's economy will reach $29 trillion by the conclusion of the Amrit Kaal in 2047, surpassing Japan to become the third largest in the world by 2027.
“We remain optimistic about India’s long-term growth prospects. Our forecast suggests the economy will reach $29 trillion in 2047 from the current $3.4 trillion and $45 trillion by 2052, and surpass Japan’s GDP by 2027,” the report by Indranil Sengupta, CLSA’s head of India research, noted. “However, we expect a slowdown in growth until September 2024, followed by a cyclical recovery in 2025.”
CLSA estimates that the Indian economy will grow by 6.4% in the current fiscal, 6.5% in fiscal 2025 and 7.5% in fiscal 2026.