S&P Global Marketing Report: Indian economy in the last ten years (Indian Economy) has achieved many great achievements. India remains the fifth largest economy in the world. The whole world is looking at India as a trigger for the global economy. In such a situation, S&P Global Marketing has made a big claim in its report regarding the country’s economy. The institute believes that by 2030, India will become the world’s third largest economy and Asia’s second largest economy, leaving Japan’s economy far behind. The report states that India is the fifth largest economy in the world and is likely to become the world’s third largest economy by 2030, overtaking Japan with a GDP of US$ 7300 billion. It will become the second largest economy in Asia. S&P Global India Manufacturing said this in its latest Purchasing Managers Index (PMI).
India will continue to strengthen in 2023
After two years of rapid economic growth in 2021 and 2022, the Indian economy continued to show strong growth in the 2023 financial year. India’s gross domestic product (GDP) is expected to grow by 6.2-6.3 percent in the financial year ending March 2024. With this, the Indian economy will be the fastest growing major economy in this financial year. The growth rate of Asia’s third largest economy was 7.8 percent in the April-June quarter. S&P Global said the near-term economic outlook projects continued rapid expansion throughout the remainder of 2023 and into 2024, underpinned by strong growth in domestic demand. India’s GDP at current prices, measured in US dollar terms, is projected to grow from US$3500 billion in 2022 to US$7300 billion by 2030. As a result of this rapid pace of economic expansion, the size of Indian GDP will exceed that of Japanese GDP by 2030, making India the second largest economy in the Asia-Pacific region. America is currently the world’s largest economy with a GDP of US$255 billion. After this, China is the second largest economy with US$ 18000 billion and Japan is the third largest economy with US$ 4200 billion. At the same time, by 2022, the size of Indian GDP would have become bigger than the GDP of Britain and France. India’s GDP is expected to surpass Germany’s by 2030.
India will become the world’s second largest economy by 2075
Meanwhile, the International Monetary Fund (IMF) and Goldman Sachs have also made big claims about the five biggest economies of the world including India. In their report, both the organizations have given information about the names and size of the five largest economies of the world by the year 2075. China’s name is at the top in this list. It is being claimed that by 2075, China’s economy will increase from $19.374 trillion to $57 trillion. Whereas, IMF and Goldman Sachs say that India will reach second place in the world with an economy of 52.5 trillion dollars. Currently India’s GDP is 3.737 trillion dollars. Whereas, it is being told that India, which is currently the world’s largest economy, will move to third place by 2075. At present the economy of America is worth 26.855 trillion dollars, which at that time will be around 51.5 trillion dollars. Indonesia’s economy will rank fourth in the world. At that time the economy of this country will be worth 13.7 trillion dollars, which at present is only 2 trillion dollars. Meanwhile, Nigeria’s economy will grow rapidly. By 2075, Nigeria’s economy will grow from $0.5 trillion to $13.1 trillion.