Major Projections from the SBI Report

1. India to become an upper-middle income country by 2030
• India’s per capita Gross National Income (GNI) is expected to reach around USD ~4,000 by 2030, moving it into the upper-middle income category as defined by the World Bank (currently ~USD 4,495 threshold). 

2. India to be the third-largest economy by 2028
• In terms of nominal GDP, India is projected to surpass Germany and become the world’s third-largest economy by 2028. 

3. GDP Growth and Size Estimates
• India is likely to reach about USD 5 trillion in nominal GDP by 2027–28 and could grow toward USD 10 trillion by around 2035–36. 

4. Historical Growth Context
• Since Independence, India’s economic output has grown rapidly — from low-income per capita levels in the 1960s to middle-income today — and the pace has accelerated significantly in recent decades. 

5. Growth Sustainability and Policy
• The report notes India’s average real GDP growth rate has improved, putting it well up in the global growth distribution.
• Continuing reforms and steady nominal GDP growth — historically around 10–11% — are seen as key to reaching these goals. 

 What These Terms Mean

Upper-middle income country — A World Bank classification based on per capita income; it’s a step above lower-middle income but below high income. 
Third largest economy — Ranking by nominal GDP (total output of goods and services), with only the US and China projected ahead by 2028.

Overall Takeaway
This SBI Research forecast is optimistic about India’s economic growth path, projecting continued strong expansion in both total GDP and per capita income, provided growth rates and reforms continue at their current momentum. 

source ndtvprofit