India is currently the world’s fifth-largest economy and is likely to overtake Japan to become the world’s third-largest economy by 2030 with a GDP of US$ 7300 billion, said S&P Global in its report. At the same time, India will become the second-largest economy in Asia. S&P Global India Manufacturing made these claims in its latest Purchasing Managers Index (PMI).
After two years of rapid economic growth in 2021 and 2022, the Indian economy continued to show strong growth in the 2023 financial year. India’s gross domestic product (GDP) is expected to grow by 6.2-6.3 percent in the fiscal year ending March 2024. With this, the Indian economy will be the fastest growing major economy in this financial year. The growth rate of Asia’s third-largest economy was 7.8 percent 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 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,” as said by S&P Global.
America is currently the world’s largest economy, with a GDP of US$255 billion. After this, China is the second-largest economy with US$ 18000 billion and Japan is the third-largest economy with US$ 4200 billion. By 2022, the size of Indian GDP would have become bigger than the GDP of Britain and France. India’s GDP is expected to surpass Germany’s by 2030.
