India set to become third-largest economy by 2030 with GDP of over $7 trillion: S&P Global
New Delhi: India, presently the world's fifth-largest economy, is poised to surpass Japan and secure the position of the third-largest global economy with a Gross Domestic Product (GDP) of $7.3 trillion by 2030, S&P Global Market Intelligence has projected in its latest Purchasing Manager’s Index (PMI) report.
Following two years of rapid economic growth in 2021 and 2022, the Indian economy has demonstrated sustained strength throughout 2023.
Projections indicate India's GDP is set to grow between 6.2% and 6.3% in the fiscal year ending March 2024, establishing it as the fastest-growing major economy of the year.
The economy of Asia's third-largest nation experienced a notable growth of 7.8% in the April-June quarter.
S&P Global has indicated a positive near-term economic outlook, anticipating ongoing rapid expansion for the remainder of 2023 and into 2024 due to robust growth in domestic demand.
India's economy has maintained a steady upward trajectory this year as well. According to the latest PMI from S&P Global released on Tuesday, India's economy has not only sustained growth this year but has continued to do so after two years of rapid expansion in 2021 and 2022.
GDP is anticipated to grow between 6.2% and 6.3% in the financial year 2023-24, solidifying India's position as the fastest-growing major economy of the fiscal year.
The economic growth rate for the April-June quarter of the present fiscal year has been an impressive 7.8%.
By 2030, India's GDP is projected to surpass Japan's. As outlined by S&P Global, this continued rapid expansion is expected through 2024, supported by robust growth in domestic demand. At current valuations, India's GDP in US dollars is anticipated to rise from $3500 billion in 2022 to $7300 billion by 2030.
Consequently, India's GDP is set to surpass Japan's by 2030, elevating India to the position of the second-largest economy in the Asia-Pacific region.
By 2030, India's GDP is projected to outperform Germany's.
Currently, the United States holds the world's largest economy with a GDP of $25.5 trillion, followed by China at $18 trillion, and Japan at $4.2 trillion.
Estimates indicate that by 2022, India's GDP will have surpassed that of the United Kingdom and France.
GDP is a key metric for evaluating a country's economic performance.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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