Report: India surpasses Germany and Britain in GDP (PPP) growth

New Delhi, March 23 (IANS) As countries like Germany, Japan, and the UK continue to drop in GDP rankings, India has made significant gains, according to a report by the Social Policy Research Foundation. The Indian economy’s share in GDP (PPP) has been increasing, surpassing countries like the UK, Japan, and Germany.

The report by SPRF reveals that as of 2024, India’s GDP at PPP is 3.6 times that of the UK, 2.1 times that of Japan, and 2.5 times that of Germany, with China leading the rankings in 2022. The share of Indian GDP as a percentage of the Global GDP at PPP is rising, while that of other countries like the US, Japan, and Russia is decreasing, highlighting India’s economic growth.

India’s surprising 8.4% GDP growth in the third quarter of 2023 led to an estimated 7.6% growth rate for the financial year 2023-24, driven by double-digit growth in manufacturing (11.6%) and construction sector (9.5%). The Ministry of Statistics stated that the Indian economy remained resilient, maintaining a robust growth rate over the years.

The latest data positions India as the world’s fastest-growing economy amidst a global slowdown. The RBI’s bulletin suggests that structural demand and healthier corporate and bank balance sheets will continue to propel India’s growth, with real GDP growth at a six-quarter high in Q3 of 2023-24. India’s growth momentum remains strong, showcasing a bright spot in the global economy.