India’s gross domestic product (GDP) is expected to grow 6.2-6.3 per cent 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 per cent in the April-June quarter.
New Delhi: India is on track to become the world’s third-largest economy within the next seven years, according to a new report by S&P Global Market Intelligence. The report projects that India’s GDP will double to $7.3 trillion by 2030, surpassing Japan’s current GDP of $5 trillion. The report attributes India’s rapid economic growth to a number of factors, including its youthful demographic profile, rising urban household incomes, and increasing foreign direct investment inflows, as per a report carried by news agency IANS.
India’s Nominal GDP Expected To Reach $7.3 Trillion
“India’s nominal GDP measured in USD 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 states.
India’s gross domestic product (GDP) is expected to grow 6.2–6.3 percent in the fiscal year ending in March 2024, making it the fastest-growing major economy this fiscal year. Asia’s third-largest economy grew by a stellar 7.8 percent in the April–June quarter.
Indian GDP Already Higher Than UK And France
By 2022, the size of Indian GDP had already become larger than the GDP of the UK and also France. By 2030, India’s GDP is also forecast to surpass Germany, the report adds. Japan’s nominal gross domestic product will be overtaken by Germany this year as it slips from No. 3 to No. 4 in the world on a US dollar basis, according to new projections by the International Monetary Fund.
India was among the outperformers in the emerging market space, with private sector sales in the country having risen at the second-fastest pace in over 13 years, thereby supporting output expansion. Robust growth was also reported in Russia, but mainland China’s expansion slowed while Brazil slipped back into contraction in the latest survey period, S&P said.
The report also observes that global economic expansion continued to decelerate at the end of the third quarter, slipping to the slowest in eight months. Worse may be to come, as global new orders shrank for the first time since January and backlogs of work fell sharply, signaling further weakness in the coming months.
(With inputs from agencies)
