New Delhi: India, presently the worlds 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, SP Global Market Intelligence has projected in its latest Purchasing Managers 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 Indias 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 Asias third-largest nation experienced a notable growth of 7.8% in the April-June quarter.
SP 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.
Indias economy has maintained a steady upward trajectory this year as well. According to the latest PMI from SP Global released on Tuesday, Indias 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 Indias 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, Indias GDP is projected to surpass Japans. As outlined by SP Global, this continued rapid expansion is expected through 2024, supported by robust growth in domestic demand. At current valuations, Indias GDP in US dollars is anticipated to rise from $3500 billion in 2022 to $7300 billion by 2030.
Consequently, Indias GDP is set to surpass Japans by 2030, elevating India to the position of the second-largest economy in the Asia-Pacific region.
By 2030, Indias GDP is projected to outperform Germanys.
Currently, the United States holds the worlds 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, Indias GDP will have surpassed that of the United Kingdom and France.
GDP is a key metric for evaluating a countrys economic performance.
