Size Of Us Economy 2024 India. India surpassed the uk as the fifth largest economy last year and according to analysts at morgan stanley, it's on track to overtake japan and germany and hit the third spot by 2027. India’s gdp grew 8.15% yoy over fiscal 2023 to 2024, with a sharp growth of 7.8% in the fourth quarter of 2023, beating the government’s second advanced estimate of 7.6% and reserve bank of india’s (rbi) estimate of 7.3%.
India contributes 7.86% of the entire world’s gdp (ppp). Elevated central bank rates to fight inflation and a withdrawal of fiscal support amid high debt weigh on economic activity.