It has been said in the report that by 2025 India will be the second largest economy in the Asia-Pacific region after leaving Japan behind.
India will become the world’s fifth largest economy by retreating this year. It has been estimated in the report released on IHS Market on Monday. It has been said in the report that by 2025 India will be the second largest economy in the Asia-Pacific region after leaving Japan behind.
In the Lok Sabha elections, on the BJP’s victory led by Prime Minister Narendra Modi, it has been said that the economic scenario looks positive for the second term of the Modi government. The average growth rate of GDP during 2019-23 is estimated to be around 7 percent.
The report says that in 2019 India will be the fifth largest economy in the world and the size of the country’s GDP will be crossed by $3 billion. India will leave the UK behind this way. Similarly, the size of India’s GDP will be more than in Japan by 2025. In such a scenario, India will become the second largest economy of Asia Pacific.
It has been said in the report that India will continue to progress in the ranking of the world’s largest economies. India’s contribution to global GDP growth will also increase. India will be a major engine of economic growth of Asia Pacific. India will be a major contributor to the flow of Asian regional trade and investment.
The report says that the share of manufacturing in the GDP is just 18 percent, while the target is 25 percent. During the next two decades, an average of 75 lakh people will join the Indian labor force every year. IHS said that this will put pressure on the Modi government to create jobs in both the manufacturing and service sectors.