(MENAFN- KNN India) New Delhi, Oct 25 (KNN) India is set to overtake Japan and become the third-largest global economy, with a projected GDP of USD 7.3 trillion by 2030, as per the latest report from S&P Global market Intelligence.
After experiencing two years of rapid economic growth in 2021 and 2022, the Indian Economy has maintained strong growth throughout the 2023 calendar year, it added.
India's gross domestic product (GDP) is expected to grow between 6.2 percent and 6.3 percent in the fiscal year ending in March 2024, making it the fastest-growing major economy in this fiscal year.
Notably, India's economy surged by an impressive 7.8 percent in the April-June quarter.
S&P Global highlights a positive near-term economic outlook, with continued rapid expansion for the remainder of 2023 and 2024, driven by robust domestic demand, PTI reported.
The influx of foreign direct investments (FDI) into India over the past decade reflects the country's favourable long-term growth prospects, bolstered by a youthful demographic profile and rising urban household incomes, it added.
The report forecasts that India's nominal GDP, measured in USD terms, will rise from USD 3.5 trillion in 2022 to USD 7.3 trillion by 2030.
This rapid expansion will position India as the second-largest economy in the Asia-Pacific region, surpassing Japan. By 2022, India had already exceeded the GDP of the UK and France, and by 2030, it is expected to surpass Germany.
As of now, the United States remains the world's largest economy with a GDP of USD 25.5 trillion, representing a quarter of the world's GDP.
China holds the second-largest spot with a GDP of approximately USD 18 trillion, nearly 17.9 percent of the world GDP. Japan follows as the third-largest economy with a GDP of USD 4.2 trillion, and Germany is fourth with a GDP of USD 4 trillion.
(KNN Bureau)
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