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October 27, 2023

India Likely to climb to the third Position as a Top Economy by 2030

India Likely to climb to the third Position as a Top Economy by 2030

S&P Sees India climbing ahead of Japan and Germany in next 7 years.

Brisk digital transformation and a rapidly growing middle class are expected to drive India’s growth, lifting its economy to the third place by 2030, according to S&P Global Market Intelligence. This will put it behind only the US and China, overtaking Germany and Japan.

 The economy will more than double to $7.3 trillion over this period, from $3.5 trillion in 2022, the financial information services firm said.

 India is currently the fifth largest economy, having gone past the UK in 2020. “An important positive for India is its large and fast-growing middleclass, which is helping to drive consumer spend,” said Rajiv Biswas, chief economist (Asia Pacific), S&P Global Market Intelligence, in a report released earlier this week. “India’s digital transformation that is under way is expected to accelerate the growth of ecommerce, market landscape over the next decade.”

The International Monetary Fund expects the Indian economy to exceed that of Germany on 2026 and that of Japan in 2027, and hit $6 trillion in 2028.

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