Third biggest economy in Modi’s third term? Anatomy of India’s development

Inaugurating the newly built International Exhibition-cum-Convention Centre (IECC), named Bharat Mandapam, in New Delhi on Wednesday, Prime Minister Narendra Modi said that when he took charge in 2014, India was the tenth-largest economy in the world. During his second term as PM, he said, India had become the fifth-largest economy. “I want to assure that during the third tenure of our government, India will be among the top three economies of the world,” he said.

The table below shows the top 10 economies of the world in 2014. The size of an economy is mapped by the Gross Domestic Product (GDP), which is the market value of all final goods and services produced within the geographical boundaries of a country. The GDP here is expressed in billions of US dollars.

The data sourced from the International Monetary Fund (IMF) show that India is indeed forecast to become the third-largest economy by 2027 — smack in the middle of what could be Modi’s third term as PM — as it is expected to overtake both Germany (currently fourth largest) and Japan (currently third largest).

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