New Delhi: A report published by international agency claimed that India will overtake Japan to become the world’s third-largest economy and Asia’s second largest economy by 2030. S&P Global Market Intelligence said this in its latest issue of PMI.
The US at present is the world’s largest economy with a GDP of $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 $18 trillion, which is almost 17.9% of the world GDP. Japan is in third position with $4.2 trillion GDP, followed by Germany with $4 trillion GDP. At present, India is world’s fifth largest economy.
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‘India’s nominal GDP measured in dollar terms is forecast to rise from $3.5 trillion in 2022 to $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,’ the report said.
By 2022, India had already exceeded the GDP of the UK and France, and by 2030, it is expected to surpass Germany. India is likely to overtake Japan with a GDP of $7.3 trillion. India’s gross domestic product (GDP) is expected to grow 6.2-6.3% in the fiscal year ending in March 2024. India is the fastest-growing major economy this fiscal year. India’s economy grew by 7.8% in the April-June quarter.
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