India will become the world's third-largest economy, overtaking Germany and Japan, by 2030 on the strength of its youthful demographic profile and rapidly rising urban household incomes, S&P Global Market Intelligence has projected.
Now India is in fifth position.
That will result in India becoming the second-largest economy in the Asia-Pacific region, after China. Only the US is a bigger economy than China now.
"India's nominal GDP measured in USD ($) terms is forecast to rise from USD 3.5 trillion in 2022 to USD 7.3 trillion by 2030. This rapid pace of economic expansion would result in the size of (Indian GDP) exceeding Japanese GDP by 2030, making India the (second-largest) economy in the Asia-Pacific region," S&P Global Market Intelligence said in its latest issue of PMI.
By 2030, India's GDP is forecast to surpass Germany's too.
This story is from the October 25, 2023 edition of Business Standard.
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This story is from the October 25, 2023 edition of Business Standard.
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