(MENAFN- KNN India)
India strides to overtake Japan and Germany to become third largest economy: S&P
New Delhi, Nov 24 (KNN) Beating Japan and Germany, India is likely to become world's third largest economy as its real GDP is projected to grow at a pace of 6.3% annually between FY2021-30 which is more than the global average growth rate, said S&P Global.
Outpacing the two countries in nominal dollar terms, India will achieve this on the back of rising per capita income, boosting domestic manufacturing and deepening trade ties with global economies, said the report by S&P.
Real income per capita is projected to achieve significant average growth of 5.3%, with Indian households becoming the greatest spenders among G20 economies.
The report highlights the central government backed incentive schemes such as production linked incentives (PLI) as a tool which makes Indian economy more export-driven and more inter-linked in global supply chains.
The value of India's exports increased by 279.5% between 2005 and 2021 and imports increased by 301.6%.
While the US, the United Arab Emirates, and mainland China accounted for about 30% of India's trade in 2021, in value terms.
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