|| SHANIWAR SAMWAD || 29-07-2023

 Latest SBI report on state of economy has some interesting facts and some surprises. The report says we are going to replace both Japan & Germany from their present position of third and fourth  position to become third largest economy of world after US & China. 

By 2027, we will be $5T economy  with growth rate of 6.5 to 7% per annum. The nominal growth in Rupees term will be around 10%. The report says we will achieve this fist two years earlier than earlier report.

The state of economy is sync with our budget declaration with buoyant revenue growth. The collection of revenue in both direct and indirect taxes are increasing steadily and also the compliance from netizens and corporates. Though the tax evasion is still issue but the compliances are increasing to give a comfort to both government and citizens.

We have highest KM of roads in the world with no. of KM is going to increase in coming  years as we still need more roads to connect our length and breadth of country.

Physical infrastructure which is vital ingredient of growth of any economy is showing marked improvement in both creation and utilization. The cargo handling of our ports are increasing every year so the number of passengers using airports. Tonnage carried by railway is increasing every year.

The reports also ranked our states as per their state GDP in dollars term, which is full of surprise that  is Uttar Pradesh which was part of BIMARU state with last no. in that category is going to take second spot replacing industrialized states like Tamilnadu and Karnatka. 

Both Maharashtra and Uttar Pradesh  are going to become $500B economy each. Others like Tamilnadu, Karnatka and Gujarat will be in between $400B and $450B.

The report is also in line with World band and IMF, which is also saying same about our growth.

If everything goes as per plan we will achieve this earlier also as new investment from Global corporations and local investors are coming steadily. The pension fund from EU zones are warming up as their traditional choice i.e. China is not performing as per their expectations.

Becoming $5T, economy is just a small step in reaching the final goal of achieving  global GDP's share of 25 -35%.


Location: India

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