According to the Centre for Economics and Business Research (CEBR), a leading London-based consultancy, India will become the third economic superpower by 2037 and a $10 trillion economy by 2035.
According to the report, which was released on Monday, the world is heading toward recession. However, the annual rate of GDP growth in India is expected to average 6.4% over the next five years, followed by an average of 6.5% over the next nine years.
"With this growth trajectory, India will rise from fifth place on the World Economic League Table in 2022 to third place in the global rankings by 2037," the report stated.
According to the report, the pandemic had a particularly devastating effect in absolute terms, with India having the world's third highest death toll, but the economy recovered.
"We expect India to become the third $10 trillion economy by 2035. Although there are political factors that could stymie India's progress, demographics are on its side," according to the report.
The report also downplayed concerns about high inflation, claiming that it has remained lower than in the majority of other large economies.
According to CEBR, much of India's current inflation rate reflects higher food prices, an erratic item that also accounts for a larger share of the consumer basket than any other G20 country.
