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India to surpass Japan to become third largest economy by 2030: S&P Global

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Agencies


After two years of rapid economic growth in 2021 and 2022, the Indian has continued to show sustained strong growth during the 2023 calendar year.
's gross domestic product (GDP) is expected to grow 6.2-6.3 per cent in the fiscal year ending in March 2024, being the fastest-growing major economy this fiscal year. Asia's third-largest economy grew by a stellar 7.8 per cent in the April-June quarter.

The acceleration of foreign direct investment inflows into India over the past decade reflects the favourable long-term growth outlook for the Indian economy, helped by a youthful demographic profile and rapidly rising urban household incomes.
“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 the Indian GDP exceeding Japanese GDP by 2030, making India the second largest economy in the Asia-Pacific region,” it said.
By 2022, the size of the Indian GDP had already become larger than the GDP of the UK and also France. By 2030, India's GDP is also forecast to surpass Germany.
The US at present is the 's largest economy with a GDP of USD 25.5 trillion. It makes up for a quarter of the world's GDP. China is the second largest economy with a GDP size of about USD 18 trillion, which is almost 17.9 per cent of the world GDP. Japan is a distant third with USD 4.2 trillion GDP, followed by Germany with USD 4 trillion GDP.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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