Declining rupee pushes India’s goal of reaching $5 trillion economy to 2029
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4 Articles
The Indian economy is growing strongly, but it will have to wait until 2029 to reach the $5 trillion target, according to an IMF report. The main reason for this delay is the depreciation of the rupee. However, India will become the fourth largest economy in the world by 2027.
India's economy is growing rapidly, but the target of becoming a $5 trillion economy may be pushed back by a year due to the weakness of the rupee against the dollar. According to the estimates given in the International Monetary Fund's (IMF) October World Economic Outlook (WEO) report, India may cross the $5 trillion GDP mark in 2029 instead of 2028.
According to the latest International Monetary Fund estimates, India will have to wait until 2029 to become a $5 trillion economy. Despite strong domestic growth, the weak rupee has delayed this target by a year.
Declining rupee pushes India’s goal of reaching $5 trillion economy to 2029
The weakness of the rupee is likely to come in the way of India realising its goal of becoming a $5 trillion economy. Latest IMF projections indicate, India’s GDP is expected to reach $4.996 trillion in 2029. Despite the economy growing in rupee terms, it will shrink in dollar terms.
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