7% growth for six straight years: India on track to eclipse 2003–07 record, says Korean economist Kim

The same 7% growth rate therefore represents a much larger expansion. It is projected to become the world’s third-largest economy around 2030," Kim said in a post on X. After contracting by 5.8% during the pandemic, India’s economy rebounded by 9.7% in 2021, before expanding by over 7% in each of the subsequent four years, Kim noted. "Many economists, myself included, repeatedly revised forecasts upwards as quarterly GDP figures came in," he added.

"That makes five consecutive years of growth above 7 percent, matching the 2003–2007 run, when India attracted global attention as one of the BRIC economies. If current forecasts hold, India will surpass that streak." Kim highlighted that nearly all major institutions—including the International Monetary Fund (IMF), Asian Development Bank (ADB), and World Bank—have recently upgraded their growth forecasts for India to above 7% for both this year and next.

"Remarkable in itself—even more so when viewed against India’s recent performance," Kim said. The IMF and ADB have projected 7% growth for India in FY27, while the World Bank and the Reserve Bank of India (RBI) have raised their growth estimates to 7.1%. "Simple average annual growth in 2021–2025 was 7.83 percent, the second-highest five-year average in the data going back to 1960, just behind the 7.89 percent recorded in 2003–2007," Kim said.

"Sustaining such momentum over several years deserves attention." While acknowledging that structural challenges remain, Kim emphasized that the economic performance of a nation of 1.4 billion people deserves celebration. "I hope economists at major institutions and I will once again be adding a few decimal points to our forecasts when the next quarterly GDP figures arrive," he concluded.