Archive · 23 Jul 2025
Morgan Stanley: India to be 3rd Largest Economy by 2028
India's economy is expected to grow a lot in the next few years!
A report says it could become the third-biggest in the world by 2028 and more than double in size by 2035.
This growth will be helped by states like Maharashtra and Gujarat.
The country is also investing in things like highways and airports to make it easier for businesses to grow.
India's states are important because they make their own rules and attract investment.
This growth could make India a major player in the global economy and boost the stock market.
Morgan Stanley predicts India will be the 3rd largest economy by 2028.
India's economy is expected to reach $10.6 trillion by 2035.
Several Indian states could each be nearly $1 trillion economies by 2030-2035.
India is projected to drive a fifth of global growth in the next decade.
Infrastructure development, supported by central and state initiatives, is key.
- Who
- Morgan Stanley.
- What
- Morgan Stanley forecasts significant economic growth for India.
- When
- By 2028 and 2035.
- Where
- India.
- Why
- To become a global economic powerhouse.
Current Factors
Future Growth
Federalism's success
Current Factors
The success of India's competitive federalism.
Future Growth
India's competitive federalism, which plays a pivotal role in fiscal management.
- Projected Economy Ranking
- 3rd largest globally by 2028
- Projected Economy Size (2035)
- $10.6 trillion
- Key States
- Maharashtra, Tamil Nadu, Gujarat, Uttar Pradesh, Karnataka
- Infrastructure Growth (past decade)
- Highways up 60%, Airports doubled, Metro network quadrupled
- Central government capex increase
- Doubled to 3.2% of GDP in FY2025 from 1.6% in FY2015