New Delhi (TIP)- India, the world’s fifth largest economy, may overtake Japan by 2030 to become the world’s third-largest economy, says S&P Global Market Intelligence.
Currently, Japan is the third biggest economy with a GDP of $4.2 trillion, followed by Germany with GDP of $4 trillion. The US’ GDP is $25.5 trillion and that of China is about $18 trillion. After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year. If this trend endures, India will have a GDP of $7.3 trillion by 2030. There will, however, be a huge gap with the first two economies. China by 2030 is projected to have a GDP of $43 trillion to become the biggest economy and the US’ economic size will be about $28 trillion.
India’s gross domestic product (GDP) is expected to grow 6.2-6.3 per cent in the fiscal year ending in March 2024, making it the fastest-growing major economy this fiscal year. India grew by 7.8 per cent in the April-June quarter. “The near-term economic outlook is for continued rapid expansion during the remainder of 2023 and for 2024, underpinned by strong growth in domestic demand,” said S&P Global. “India’s nominal GDP measured in USD terms is forecast to rise from $3.5 trillion in 2022 to $7.3 trillion by 2030.
This rapid pace of economic expansion would result in the size of the Indian GDP exceeding Japanese GDP by 2030, making India the second largest economy in the Asia-Pacific region,” it said. Source: TNS