India will overtake Japan to become Asia's second largest economy by 2030

MUMBAI: India is currently the world's fifth largest economy with the title of the fastest growing economy in the world and is poised to become the world's third largest economy by 2030, overtaking Japan with a GDP of US$ 7300 billion. With this it will also become the second largest economy in Asia.

India's Gross Domestic Product to grow from $3500 billion in 2022 to $7300 billion by 2030: S&P

This is stated in the latest Purchasing Managers' Index of S&P Global India Manufacturing. After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show strong growth at the start of FY2023.

India's gross domestic product is expected to grow at a rate of 6.2-6.3 percent in the fiscal year ending March 2024. With this, the Indian economy will become the fastest growing major economy in this financial year. Asia's third largest economy grew at 7.8 percent in the April-June quarter.

India's economic outlook is the best in the world for the rest of 2023 and 2024, driven by strong domestic demand growth in the near term, S&P said.

According to the calculations made in terms of American dollars, the GDP is estimated to be 3500 billion dollars in 2022 to 7300 billion dollars by 2030. As a result of this rapid pace of economic expansion, India's GDP will surpass Japan's GDP by 2030 and India will become the second largest economy in the Asia-Pacific region.'

America is currently the world's largest economy with a GDP size of $255 trillion. Then China is the second largest economy with US$ 18000 billion and Japan is the third largest economy with US$ 4200 billion. In 2022 itself, the size of Indian GDP became larger than the GDP of Britain and France. India's GDP is expected to exceed that of Germany by 2030.