Hyderabad: India is set to emerge as the world’s third-largest economy by 2028, according to a new report from the State Bank of India (SBI) Research. The report also says India will move into the upper-middle income bracket by 2030.
India is currently a lower-middle-income nation. By 2030, it is expected to cross the $4,000 per capita income mark, reaching around ₹3.3 lakh per person. This rise would place it alongside countries like China and Indonesia, the report noted.
India’s third-largest economy to reach $10 trillion by 2036
“India is on track to become an upper-middle income country by 2030, with per capita income touching $4,000,” SBI Research stated in its economic outlook.
The report outlines major growth milestones. It expects India’s GDP to reach $5 trillion by the 2027–28 financial year. Furthermore, the economy is projected to double and hit $10 trillion by 2035–36.
According to World Bank criteria, a country needs a gross national income (GNI) per capita of about $4,500 to qualify as upper-middle income. SBI Research believes India can achieve this within the next few years.