India's growth rate to be 6.4% for next 5 years: UK-based Centre for Economics and Business Research

India's annual growth trajectory for the next five years is expected to be 6.4 per cent, after which it is likely to rise to 6.5 per cent during the subsequent nine years, according to the Centre for Economics and Business Research (Cebr).

This is going to lead India to the third spot in global ranking by 2037 from the existing fifth in the World Economic League Table in 2022.

The Cebr has made this prediction in its annual World Economic League Table 2023 on Monday.

The UK-based consultancy has suggested that in the current fiscal, growth is expected to be 6.8 per cent, despite rise in key rates and falling global demand.

Cebr further said that India had an estimated PPP-adjusted GDP per capita of $8,293 in 2022, categorising it as a lower middle-income country.

PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates.

Cebr further noted that though agriculture employs a majority of India's labour market, it is the services sector which drives the country's economic activity.