India to become USD 5 trillion economy, 3-largest by 2027

26 Sep 2023 CW Team

Reserve Bank Deputy Governor Michael D Patra has projected that India is poised to become a $5 trillion economy and secure the third spot in the world's largest economies by market exchange rates by the year 2027. Patra attributed this anticipated economic growth to India's demographic advantage and the rapid development of its financial sector.

Speaking at the 16th SEACEN-BIS High-Level Seminar hosted by the National Bank of Cambodia, Patra emphasized the prevailing belief that the global economic center of gravity is shifting eastward towards Asia over the next two decades or more.

Patra cited the International Monetary Fund's (IMF) Regional Economic Outlook for Asia and the Pacific, which forecasts that Asia will contribute approximately two-thirds of global economic growth in 2023. He also highlighted that India is set to account for one-sixth of the world's output growth in 2023 and 2024.

In terms of market exchange rates, Patra noted that India currently stands as the fifth-largest economy globally and the third-largest when considering purchasing power parity. Patra stated, "Our assessment is that by 2027, India will be a USD 5 trillion economy and the third-largest in the world even by market exchange rates. A key driver in this transformation is likely to be the window of a demographic dividend that opened up in 2018 and will probably last till the 2040s, going by fertility and mortality rates."

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..