Due to Omicron limitations putting a damper on economic activity in the fourth quarter of the Indian fiscal year, India’s GDP expanded by 4.1 percent in the first three months of 2022, somewhat truncating annual growth in 2021-22 to 8.7 percent.
However, when looking at the broad picture, India’s GDP growth continues to outperform the rest of the world, and the country is anticipated to overtake Japan as Asia’s second-largest economy by 2030.
According to the IMF, India’s GDP would increase by 8.2% in 2022, putting it among the top four fastest-growing economies in the world (out of those having a GDP of $10 billion or more in 2021). Even when all countries are included, including small island states, India still ranks seventh.
