Published Date: September 4, 2022
India set to become 3rd largest economy by 2030: If the whole world is on the verge of recession, only India is soaring in the growth rate. India has already overtaken the UK to become the 5th largest economy in the world. Economists say that India will grow faster economically in the coming period. Economists predict that India will become the third largest economy in the world by 2030. Former economic advisor Arvind Virmani said that India will become the third largest economy by 2028-30.
According to the International Monetary Fund (IMF) and Bloomberg reports, India is expected to achieve a growth rate of 7 percent this year. India has overtaken the UK as the fifth largest economy for many years and has occupied that position. A decade ago, India was ranked 11th. Currently, the largest economies are America, China, Japan, Germany, India and Britain. But in another seven years, India is likely to overtake Japan and Germany and occupy the third position.
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Based on IMF statistics and historical exchange rates, Bloomberg has overtaken Britain to take fifth place. In January and March, the value of the Indian economy was found to be 854.7 billion dollars. Bloomberg revealed that the UK economy was 816 billion dollars. It has been revealed that the gap between Britain and India is likely to widen in a few days as India is now the country with the highest growth rate in the world.
On the other hand, SBI Research predicts that it will reach the third position by 2029. India’s share of GDP in the world economy was 2.6 percent in 2014 and has now reached 3.5 percent. It is likely to reach 4 percent by 2027. Germany is currently in this position. But if we look at the policies followed by India since 2014, there is a possibility that India will become the third largest economy by 2030.