‘India to surpass Japan as Asia’s 2nd largest economy by 2030’
The Hindu
IHS Markit sees consumption spending doubling over a decade to $3 tn by 2030
India is likely to overtake Japan as Asia’s second-largest economy by 2030 when its GDP is also projected to surpass that of Germany and the U.K. to rank as the world’s No.3, IHS Markit said in a report on Friday.
Currently, India is the sixth-largest economy, behind the U.S., China, Japan, Germany and the U.K.
“India’s nominal GDP... is forecast to rise from $2.7 trillion in 2021 to $8.4 trillion by 2030,” IHS Markit said. “This rapid pace of economic expansion would result in the size of Indian GDP exceeding Japanese GDP by 2030, making India the second-largest economy in the Asia-Pacific region.” By 2030, the Indian economy would also be larger in size than the largest Western European economies of Germany, France and the U.K.