Winning Bizness Desk
Mumbai. The Indian economy has achieved many milestones in the last decade. Currently, India has become the fifth largest economy in the world andnow considered as the major center of the global economy. Meanwhile, according to a recent claim by S&P Global Market, India will soon overtake Japan in terms of economy as it has claimed that India will become the third largest economy in the world by 2030.
Report published in the Indian media hava quoted S&P Global Markets saying it has estimated that the Indian economy will reach $7.3 trillion by 2030. India will then overtake Japan to become the second largest economic power in Asia. S&P Global Markets said in its report that the pace of the Indian economy was very strong in 2021 and 2022.
GDP expected to hover around 6.2%
India's gross domestic product (GDP) is expected to remain between 6.2 percent and 6.3 percent by fiscal 2024. In such a scenario, India is among the fastest growing economies in the world. At the same time, India's GDP was 7.8 percent in the April-June quarter. It is worth noting that foreign investment in the country has increased in the last few years. In such a situation, its effect is now being seen on the economy. The report also claims that apart from Japan, India will also overtake Germany by 2030. India's current GDP is $3.5 trillion in 2022, which will increase to $7.3 trillion by 2030. The report blamed rising domestic demand for the boom in the Indian economy.
America is the largest economy in the world
America is the largest economy in the world. The US GDP is 25.5 trillion dollars. China is second with an economy of 18 trillion dollars. Whereas Japan's economy is 4.2 trillion dollars and Germany's economy is 4 trillion dollars. Meanwhile, apart from S&P Global Markets, several other global institutions have also made similar claims. India's current GDP is $3.5 trillion in 2022, which will increase to $7.3 trillion by 2030.