By 2030, India’s economy will be the second largest in the Asia Pacific region, S&P Global Market Intelligence has said in its latest commentary.
The report predicts that the Indian economy will surpass Japan and Germany by then.
China is the largest economy in Asia.
This growth will be accompanied by an expanding consumer market and a large industrial sector, it said.
At present, in 2023-24, India ranks fifth in terms of economy, at $3.7 trillion.
Nominal GDP of India is measured in USD.
India’s economy is projected to grow from $3.5 trillion in 2022 to $7.3 trillion by 2030.
Due to this rapid economic expansion, by 2030, India’s GDP will surpass Japan’s GDP and India will become second.
Accordingly, Asia Pacific Chief Economist Rajiv Biswas has mentioned that India will become the second largest economy in the Asia Pacific region.
By 2030, India’s GDP is projected to surpass Germany’s, the report added.
India will be among the 3 largest economies in the world in a few years, Prime Minister Narendra Modi emphasized at the 20th anniversary celebration of the Vibrant Gujarat Global Summit held last month.
