India, the world’s fifth largest economy, is likely to overtake Japan to become the world’s third-largest economy with a gross domestic product (GDP) of $7.3 trillion by 2030, S&P Global Market Intelligence said in its latest issue of Purchasing Manager’s Index (PMI).
After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year.
India’s GDP is expected to grow 6.2-6.3 % 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 % 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 solid growth in domestic demand, S&P Global said.
Indian economy continues to grow steadily this year also.
According to S&P Global’s latest PMI released on Tuesday, after two years of rapid economic growth in 2021 and 2022, the Indian economy has also continued to show sustained growth this year. GDP is expected to grow at 6.2-6.3 % in the financial year 2023-24. In this way, the Indian economy will be the fastest-growing major economy in this financial year.
The economic growth rate in the April-June quarter of the current financial year has been 7.8 %. By 2030, India’s GDP will be larger than Japan’s. As stated by S&P Global, continued rapid expansion is expected through 2024, supported by strong growth in domestic demand. At current prices, India’s GDP in US dollars is expected to rise from $3500 billion in 2022 to $7300 billion by 2030. As a result, India’s GDP will surpass Japan by 2030, elevating India to the second-largest economy in the Asia-Pacific region.
India’s GDP expected to beat Germany’s by 2030
Through a GDP of $25.5 trillion, America currently has the world’s largest economy. Following that, China has the world’s second-largest economy with $18,000 billion, and Japan has the world’s third-largest economy with $4,200 billion.
It is estimated by 2022, India’s GDP will have surpassed that of the United Kingdom and France. By 2030, India’s GDP is expected to beat Germany’s. GDP is a metric used to assess a country’s economy.