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India’s economy surpasses the United Kingdom’s, ranking 5th

The International Monetary Fund reported that India had the 11th largest GDP in the world a decade ago

Homebuyer sentiment in 2022 will remain positive despite rising property prices and interest rates.
V.k.Madhav/Shutterstock

According to The Economic Times, S&P has retained its growth outlook for India. It is at 7.3 percent for FY 2022–2023 and 6.5 percent for the next fiscal year. While positive overall, it does warn of challenges on the horizon.

The Reserve Bank, on the other hand, projects that the country’s economy will expand 7.2 percent in the current fiscal (April–March), down from last fiscal year’s 8.7 percent. 

The World Economic Forum cited the International Monetary Fund, when it reported that India had the 11th largest GDP in the world a decade ago. Today, it ranks fifth. With a seven percent growth projection for 2022, it has surpassed the UK in terms of size. 

Rapid inflation is permeating the UK, leading to a cost-of-living problem and the possibility of a recession that the Bank of England believes might persist until 2024. Due to this circumstance, together with a tumultuous political period and the ongoing effects of Brexit, Indian output surpassed that of the UK in Q4 2021 and continued into 2022.

More: India, slated to become the world’s third-largest economy by 2029

It is likely that this festive season will bring more deals geared towards first-time homebuyers, according to Business Standard. Rajan Bandelkar, NAREDCO’s president, said the real estate sector will likely register a remarkable quarter with users’ confidence in the economy.

Homebuyer sentiment in 2022 will remain positive despite rising property prices and interest rates.

“As for the repo rate, while the hike was imminent, it remains below the pre-pandemic levels of five to six percent. The confidence in future earnings coupled with the pandemic-induced importance of homeownership will continue to drive residential sales not only in the top metros but also in the Tier-II cities,” said Ankita Sood, head of research at Housing.com, PropTiger.com & Makaan.com.

In the April-June quarter, the Indian economy expanded by 13.5 percent, up from 4.10 percent in the January-March quarter.

The Property Report editors wrote this article. For more information, email: [email protected].

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