Page 23 - Policy Economic Report_Mar'25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Top Export Destinations (Growth in Value Terms)

February 2025 vs. February 2024:
? USA: 10.37%
? Australia: 76.19%
? Japan: 26.55%
? Brazil: 10.85%
? Nigeria: 10.75%

April 2024 - February 2025 vs. April 2023 - February 2024:
? USA 9.1%
? U Arab Emts 5.19%
? U K 12.47%
? Japan 21.67%
? Netherland 3.68%

Top Import Sources (Growth in Value Terms)

February 2025 vs. February 2024:
? Thailand 145.45%
? China P Rp 7.83%
? Brazil 162.18%
? Ireland 117.17%
? Oman 30.24%

April 2024 - February 2025 vs. April 2023 - February 2024:
? U Arab Emts 29.21%
? China P Rp 10.41%
? Thailand 42.4%
? U S A 7.23%
? Russia 4.9%

6. India’s GDP to Reach $5.7 Trillion, Becoming Third Largest by 2028: Morgan Stanley

Morgan Stanley predicts that India’s GDP will expand to $5.7 trillion by 2028, making it the third-largest
economy globally, surpassing Germany and Japan. Currently ranked fifth, India is set to overtake Japan
by 2026 to become the fourth-largest economy.

The country’s share in global GDP is set to rise from 3.5% in 2023 to 4.5% in 2029, driven by strong
macroeconomic policies, improved infrastructure, and a growing consumer market. The report also
outlines different growth scenarios, with GDP potentially reaching $10.3 trillion by 2035 in a bullish case.

Key Highlights of forecasts made by Morgan Stanley

Projections

? India’s Current Position: The fifth-largest economy after the US, China, Germany, and Japan in
2023.

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