Indias Economic Growth Projected to Exceed 7%: Leading Economist Highlights Strong Performance
Major institutions project India’s economic growth to surpass 7% this year and next, signaling robust performance, says economist Kyunghoon Kim.
New Delhi, October 17 (Daily Kiran) : India’s economic growth is on track to surpass 7% this year and next, according to projections from major institutions such as the International Monetary Fund (IMF), the Asian Development Bank (ADB), and the World Bank. This assessment was shared by prominent economist Kyunghoon Kim.
In a post on the social media platform X, Kim emphasized that the upward revision of growth forecasts is significant and reflects India’s robust economic performance.
He noted that after a 5.8% contraction during the pandemic, India’s economy rebounded with a remarkable 9.7% growth in 2021. Since then, the economy has consistently grown at a rate exceeding 7% for four consecutive years.
Many economists, including Kim, have repeatedly adjusted their economic growth estimates as quarterly GDP figures have emerged. “India has recorded over 7% economic growth for five consecutive years. This matches the period from 2003 to 2007, when India garnered global attention as one of the BRIC economies. If current estimates hold true, India will surpass this record,” he stated.
Kim highlighted that from 2021 to 2025, India’s average annual economic growth rate stood at 7.83%. Based on data available since 1960, this is the second-highest average growth rate for any five-year period, just shy of the 7.89% recorded from 2003 to 2007.
Maintaining such economic momentum over several years is particularly noteworthy, according to Kim. He pointed out that “today, the size of India’s economy has grown significantly. In 2007, India’s GDP was just over $1 trillion, while it now approaches nearly $4 trillion. Thus, a consistent 7% growth rate reflects a much larger expansion of the economy.”
Despite ongoing challenges, Kim believes that the economic performance of a nation with 1.4 billion people is worthy of celebration. He expressed optimism that when the next quarter’s GDP figures are released, economists from major institutions, including himself, may once again revise their growth forecasts upward.
Earlier in October, the IMF projected that India could surpass Japan to become the world’s fourth-largest economy by 2027, based on nominal GDP. According to the IMF’s estimates, Japan is expected to maintain its position as the fourth-largest economy this year, but India could overtake it by 2027, with an estimated economy size of approximately $4.5 trillion at that time.
