India is the fifth largest economy in the world with a gross domestic product (GDP) of about US$3.5 trillion in 2022, despite a period of sustained economic growth interrupted by the COVID-19 pandemic.
The largest country in the Indian subcontinent located in South Asia, India’s GDP declined by 7.3% in 2020 due to the stringent nationwide lockdown but made a strong recovery in FY21-22.
The first wave severely affected economic activity in 2020 but India has been one of the fastest-growing large economies in the world with an annual GDP growth of over 7% over the time period from FY16 to FY20.
Economists believe that India’s real GDP growth is estimated to be around 9.4% per annum by FY27 on the back of a resurgence in India’s services sector, a full recovery in manufacturing, and a continued expansion in the agriculture sector, resulting in a US$ 5.5 trillion economy. And India is projected to become the world’s third-largest economy by 2030.