India has one of the fastest-growing economies in the world. The south Asian nation is now the fifth-largest economy and hopes to become the third largest by 2030. Reports by the World Bank indicate that India’s GDP growth is projected to be around 6% for both 2025 and 2026. By comparison, China’s economic growth is predicted to be 4.5% for both years. India’s growth rate is supported by strong domestic demand, large government capital expenditure and a substantial services sector. India is seeking to become a global manufacturing hub, to rival its near-neighbour China.
India is also the world’s most populous country. As of December 2024, India’s population was estimated to be 1.45 billion people, surpassing China’s population (Figure 1).
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