In a big boost to India's global ambitions, India's economy will soon be among the world's top three, a projection by the State Bank of India (SBI)&nbsp;research department has said.&nbsp;

According to the latest Ecowrap by India's largest public sector bank, India is become the&nbsp;third-largest economy in the world by 2027. The report added that the&nbsp;economic reforms initiated since 2014 have accelerated India's progress towards achieving this significant milestone.

In 2014, India was ranked tenth in terms of GDP.&nbsp;It now appears on track to make a remarkable leap of seven places in the next 4-5 years. Earlier, India was projected to reach this milestone by 2029.

"The path taken by India since 2014 reveals that India is likely to get the tag of the third-largest economy in 2027 (or FY28) based on actual GDP data as of March 2023," stated the economists at SBI.&nbsp;

At the current rate of growth, India is on track to surpass&nbsp;global economic powerhouses like Japan and Germany within the next five years, signifying a significant shift in the global economic landscape.

What is more intriguing is the remarkable incremental increase in India's economy between 2022 and 2027, which is projected to be more than the current size of the&nbsp;Australian&nbsp;economy.

Moreover, if India is able to hold on to this growth trajectory, it will be on its way to reach the milestone of $20 trillion by 2047. Additionally, India's global share of the GDP is set to surpass four percent by 2027, further solidifying its position on the international economic stage.

The report added that at least two states are set to break the 500 billion dollar mark by 2027–2028. Among them are Maharashtra, which houses India's financial capital, Mumbai, and Uttar Pradesh, the country's most populous state. The report referred&nbsp;to Uttar Pradesh, ruled by Yogi Adityanath, as 'the land of the midnight sun',&nbsp;indicating its potential for economic prosperity.

In a testament to India's remarkable progress, the economies of major Indian states are projected to outpace those of certain Asian and European countries, such as Vietnam and Norway, by 2027.

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In a big boost to India's global ambitions, India's economy will soon be among the world's top three, a projection by the State Bank of India (SBI) research department has said.

In a big boost to India's global ambitions, India's economy will soon be among the world's top three, a projection by the State Bank of India (SBI) research department has said. According to the latest Ecowrap by India's largest public sector bank, India is become the third-largest economy in the world by 2027. The report added that the economic reforms initiated since 2014 have accelerated India's progress towards achieving this significant milestone. In 2014, India was ranked tenth in terms of GDP. It now appears on track to make a remarkable leap of seven places in the next 4-5 years. Earlier, India was projected to reach this milestone by 2029. "The path taken by India since 2014 reveals that India is likely to get the tag of the third-largest economy in 2027 (or FY28) based on actual GDP data as of March 2023," stated the economists at SBI. At the current rate of growth, India is on track to surpass global economic powerhouses like Japan and Germany within the next five years, signifying a significant shift in the global economic landscape. What is more intriguing is the remarkable incremental increase in India's economy between 2022 and 2027, which is projected to be more than the current size of the Australian economy. Moreover, if India is able to hold on to this growth trajectory, it will be on its way to reach the milestone of $20 trillion by 2047. Additionally, India's global share of the GDP is set to surpass four percent by 2027, further solidifying its position on the international economic stage. The report added that at least two states are set to break the 500 billion dollar mark by 2027–2028. Among them are Maharashtra, which houses India's financial capital, Mumbai, and Uttar Pradesh, the country's most populous state. The report referred to Uttar Pradesh, ruled by Yogi Adityanath, as 'the land of the midnight sun', indicating its potential for economic prosperity. In a testament to India's remarkable progress, the economies of major Indian states are projected to outpace those of certain Asian and European countries, such as Vietnam and Norway, by 2027. WATCH WION LIVE HERE

India set to be the third-largest global economy by FY28: SBI Ecowrap

According to a SBI report, the slowdown in India is expected to take a toll on the job sector as the country could create at least 16 lakh fewer jobs this year, compared to 89.7 lakh fresh jobs created in 2019.

The report has based the estimates on the payrolls data generated by EPFO(employees provident fund organisation).

<a href="https://www.wionews.com/india-news/india-is-witnessing-temporary-effects-of-global-slowdown-amit-shah-270648">Also Read: India is witnessing temporary effects of global slowdown, says Amit Shah&nbsp;</a>

The report comes at a time when there is news of US retailer Walmart and Indian start-up OYO laying off employees while Walmart has fired over 56 senior executives, OYO is letting go of at least 20 per cent of its workforce.

OYO hospitality chain, in an internal mail to its staff in India and South Asia has reportedly said it plans to downsize its manpower as part of an ongoing business restructuring. Reports said OYO is sacking about 2,400 of its roughly 10,000 employees in India.&nbsp;

In fact, People immigrating within the country for business reasons are expected to send less money back home especially in the poorer Indian states, according to the SBI research report. The report states that there is a decline in remittances in a few states like Assam and Rajasthan which reflects downsizing of contractual labourers.

Poor job creation is also likely to raise difficulties with India facing the highest unemployment rate in 45 years.

The GDP growth in Asia’s third-largest economy is likely to be just 5 per cent in this financial year which is a 11-year low.

Another report released last year pointed to one of the worst job losses in the recent times in the public sector. The two biggest listed public sector employers, State Bank of India and coal India have reduced their workforce by 4.4 per cent and 2.6 per cent last year.

India's retail inflation touched 7.39% in July 2014, according to Refinitiv data leading to more headaches for the consumer already hit by high vegetable prices and slow growth.

According to a SBI report, the slowdown in India is expected to take a toll on the job sector as the country could create at least 16 lakh fewer jobs this year, compared to 89.

According to a SBI report, the slowdown in India is expected to take a toll on the job sector as the country could create at least 16 lakh fewer jobs this year, compared to 89.7 lakh fresh jobs created in 2019. The report has based the estimates on the payrolls data generated by EPFO(employees provident fund organisation). Also Read: India is witnessing temporary effects of global slowdown, says Amit Shah The report comes at a time when there is news of US retailer Walmart and Indian start-up OYO laying off employees while Walmart has fired over 56 senior executives, OYO is letting go of at least 20 per cent of its workforce. OYO hospitality chain, in an internal mail to its staff in India and South Asia has reportedly said it plans to downsize its manpower as part of an ongoing business restructuring. Reports said OYO is sacking about 2,400 of its roughly 10,000 employees in India. In fact, People immigrating within the country for business reasons are expected to send less money back home especially in the poorer Indian states, according to the SBI research report. The report states that there is a decline in remittances in a few states like Assam and Rajasthan which reflects downsizing of contractual labourers. Poor job creation is also likely to raise difficulties with India facing the highest unemployment rate in 45 years. The GDP growth in Asia’s third-largest economy is likely to be just 5 per cent in this financial year which is a 11-year low. Another report released last year pointed to one of the worst job losses in the recent times in the public sector. The two biggest listed public sector employers, State Bank of India and coal India have reduced their workforce by 4.4 per cent and 2.6 per cent last year. India's retail inflation touched 7.39% in July 2014, according to Refinitiv data leading to more headaches for the consumer already hit by high vegetable prices and slow growth.

Slowdown in India expected to hit job sector: SBI report

With rise in personal disposable income post 7th Pay Commission, the income tax exemption limit needs to be raised by Rs 50,000 to Rs 3 lakh, an SBI report said today.

The move will benefit around 75 lakh people, it said.

The SBI&#39;s Ecowrap report further said that if the exemption limit of interest payments under housing loan is increased to Rs 2.5 lakhs for existing home loan buyers, from Rs 2 lakhs now, it will benefit 75 lakh home loan buyers and cost the government just about Rs 7,500 crore.

Finance Minister Arun Jaitley is set to present the fifth and final full budget of the current government on February 1.

The government has periodically increased the income tax slabs from Rs 22,000 in 1990-91 to Rs 2.5 lakh in 2014-15.

&quot;Due to 7th pay commission, the personal disposable income has been increased, so we believe there is a need to raise the exemption limit to Rs 3 lakh. Due to such increase in limit, around 75 lakh tax payers will be exempted from income tax,&quot; said the report -- &#39;Union Budget: If wishes were horses!&#39;.

It has also pitched for incentivising savings through bank deposits. In an effort to incentivise savings, it said, the government can exempt interest of savings bank deposits.

The exemption limit on TDS on interest on term deposits with banks may be raised from the present limit of Rs 10,000 per annum, it said.

Also, the lock-in period for tax savings term deposits needs to be reduced to 3 years from the present 5 years and these deposits should be brought under EEE (exempt, exempt, exempt) tax regime.

The SBI report said that SBI&#39;s expectations regarding the forthcoming budget are based upon principle of inclusive growth and meeting the medium and long term objectives set by the government.

&quot;As per our reading of the things, budget should give priority to agriculture, MSME, infrastructure and affordable housing,&quot; it said.

Agriculture reforms should aim at re-examination of legally created structures whose provisions are restrictive and create barriers to free trade, it said.

Centre in conjunction with states should emulate the price support schemes like in Madhya Pradesh and Haryana say &#39;Bhavantar Krishi Yojana&#39; for major crops (including vegetables).

&quot;This scheme will help farmers in situations (when wholesale price of the crop is less than the MSP) and the cost of which is only 10 per cent of farm loan waiver programme as per our estimates. Provision of A2 milk in Mid-day meals for children will create adequate additional income for 16 million farmer per year,&quot; the report said.

Regarding investment revival, the report said capital subsidy in case of delayed projects equal to cost overrun may be provided. Cost overrun may be funded at concessional interest rate by the government in such cases.

Also, there is a &quot;dire need&quot; to publish monthly payroll report in India for formal sector as job creation is &quot;grossly underreported&quot;.

Other measures like providing support infrastructure and skilling and certifying workers need to be adopted, it added.

The SBI's Ecowrap report further said that if the exemption limit of interest payments under housing loan is increased to Rs 2.5 lakhs for existing home loan buyers, it will benefit 75 lakh home loan buyers and cost the government just about Rs 7,500 crore

With rise in personal disposable income post 7th Pay Commission, the income tax exemption limit needs to be raised by Rs 50,000 to Rs 3 lakh, an SBI report said today. The move will benefit around 75 lakh people, it said. The SBI's Ecowrap report further said that if the exemption limit of interest payments under housing loan is increased to Rs 2.5 lakhs for existing home loan buyers, from Rs 2 lakhs now, it will benefit 75 lakh home loan buyers and cost the government just about Rs 7,500 crore. Finance Minister Arun Jaitley is set to present the fifth and final full budget of the current government on February 1. The government has periodically increased the income tax slabs from Rs 22,000 in 1990-91 to Rs 2.5 lakh in 2014-15. "Due to 7th pay commission, the personal disposable income has been increased, so we believe there is a need to raise the exemption limit to Rs 3 lakh. Due to such increase in limit, around 75 lakh tax payers will be exempted from income tax," said the report -- 'Union Budget: If wishes were horses!'. It has also pitched for incentivising savings through bank deposits. In an effort to incentivise savings, it said, the government can exempt interest of savings bank deposits. The exemption limit on TDS on interest on term deposits with banks may be raised from the present limit of Rs 10,000 per annum, it said. Also, the lock-in period for tax savings term deposits needs to be reduced to 3 years from the present 5 years and these deposits should be brought under EEE (exempt, exempt, exempt) tax regime. The SBI report said that SBI's expectations regarding the forthcoming budget are based upon principle of inclusive growth and meeting the medium and long term objectives set by the government. "As per our reading of the things, budget should give priority to agriculture, MSME, infrastructure and affordable housing," it said. Agriculture reforms should aim at re-examination of legally created structures whose provisions are restrictive and create barriers to free trade, it said. Centre in conjunction with states should emulate the price support schemes like in Madhya Pradesh and Haryana say 'Bhavantar Krishi Yojana' for major crops (including vegetables). "This scheme will help farmers in situations (when wholesale price of the crop is less than the MSP) and the cost of which is only 10 per cent of farm loan waiver programme as per our estimates. Provision of A2 milk in Mid-day meals for children will create adequate additional income for 16 million farmer per year," the report said. Regarding investment revival, the report said capital subsidy in case of delayed projects equal to cost overrun may be provided. Cost overrun may be funded at concessional interest rate by the government in such cases. Also, there is a "dire need" to publish monthly payroll report in India for formal sector as job creation is "grossly underreported". Other measures like providing support infrastructure and skilling and certifying workers need to be adopted, it added.

Budget 2018: Increase tax exemption limit to Rs 3 lakh, says SBI report

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India set to be the third-largest global economy by FY28: SBI Ecowrap

Slowdown in India expected to hit job sector: SBI report

Budget 2018: Increase tax exemption limit to Rs 3 lakh, says SBI report