Driven By Excellent Private Consumption, India Will Be The Torchbearer Of Global GDP Growth

Amid geo-political turbulence and the shrinking of world economies, India's economy is expected to remain a bright spot in the global ecosystem, pushing the global growth trajectory to higher levels, particularly the regional growth in South Asia, leading economists said on Saturday.

The United Nations’ World Economic Situation and Prospects (WESP) 2025 report projects India to grow at 6.6 per cent, compared to the world economy at just 2.8 per cent, the US at 1.9 per cent and China at 4.8 per cent.

"India's high growth trajectories are based on the back of various reforms undertaken by the government during the last many years and the average growth rate of the Indian economy is more than eight per cent, which is very inspiring and encouraging,” Dr, S.P. Sharma, Chief Economist and Deputy Secretary General of the PHD Chamber of Commerce and Industry (PHDCCI), told this correspondent.

The country is poised to become the world’s third-largest economy by 2027 and the size of the economy is expected to be around $seven trillion by 2030, as economic reforms provide a great growth trajectory to the Indian economy.

Economist Sanju Verma said that India will be the torchbearer of global GDP growth in 2025, driven by excellent private consumption, which has been moving from strength to strength.

"Don't forget that consistently, quarter after quarter, private consumption has been growing at six per cent plus. Two quarters back, the number actually hit a new high of growth of 7.4 per cent," Verma noted.