Former Niti Aayog vice chairman Arvind Panagariya has stated that India will turn into the world’s third largest economic system by 2026 as its GDP wlll attain to $5 trillion that 12 months. Panagariya stated it’s unlikely that the GDP of Germany or Japan will cross the $5 trillion mark within the coming three years.

“Given these estimates, how soon can the Indian GDP cross the GDPs of these two countries?” Panagariya was quoted by PTI as saying on the 18th C D Deshmukh Memorial Lecture titled ‘India at 125: Reclaiming the Lost Glory and Returning the Global Economy to the Old Normal’.

“At this rate, India’s GDP in current dollars will reach USD 5 trillion in 2026 and USD 5.5 trillion in 2027. This means that there are good prospects that India will become the world’s third economy by the end of 2026, sooner than nearly all current predictions,” Panagatiya added.

According to the main economist, India must provoke reforms that can assist enterprises in trade and companies develop bigger that willTo realise its full potential, Panagariya stated India should take the steps needed to assist its financial items develop bigger that can create job alternatives for the lots, which is able to, in flip, pave the best way for employees emigrate from rural to city areas.

Panagariya added that such migration will mechanically enhance land per employee in farming whereas additionally bringing increasingly of the inhabitants to the place improvement is.ALSO READ: ‘India will become USD 5 trillion economy by end of 2025’, says home minister Amit Shah

‘India will be on track to become No.1 economy in the world’: John Chambers

Panagariya”s prediction comes days after the US-India Strategic Partnership Forum chairman John Chambers said India it will continue to track towards becoming the number one economy in the world.

Chambers in a post on X listed his predictions for 2024, which according to him is ‘The Year of Speed, Scale of Change and AI Adoption’. He said that United States and India will become the most strategic partnership in the world, driving global innovation and job creation at an accelerating pace.