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    India is likely to become Asia’s second-largest economy by 2030: IHS Markit

    According to IHS Markit, India is projected to overtake Japan as Asia’s second-largest economy by 2030, with gross domestic product (GDP) higher than Germany and the United Kingdom, and ranked third in the world. India’s nominal GDP, measured on a US dollar basis, is projected to rise from $ 2.7 trillion in 2021 to $ 8.4 trillion by 2030.

    Currently, India is the world’s sixth largest economy after the United States, China, Japan, Germany and the United Kingdom.

    “This pace of rapid economic expansion will result in India’s GDP exceeding Japan’s GDP by 2030, making India the second largest economy in the Asia-Pacific region,” said IHS Markit Ltd. ..

    According to IHS Markit, India is projected to overtake Japan as Asia’s second-largest economy by 2030, with GDP surpassing Germany and the United Kingdom, and ranked third in the world. On a US dollar basis, it is projected to rise from $ 2.7 trillion in 2021 to $ 8.4 trillion by 2030.

    By 2030, the Indian economy will be larger than the largest Western European economies of Germany, France and the United Kingdom.

    “Overall, India is expected to remain one of the fastest growing economies in the world over the next decade,” he said.

    The long-term outlook for the Indian economy is supported by many major growth drivers.

    “A key positive factor for India is its large and fast-growing middle class, which is helping to drive consumer spending,” said IHS Markit, with national consumer spending starting at $ 1.5 trillion in 2020. It is projected to double to $ 3 trillion by 2030.

    India’s real GDP growth is projected to be 8.2% from 2021 to 2010 by March 2022, recovering from a significant 7.3% year-on-year reduction from 2020 to 21, IHS Markit news. It is reported that it is stated in. agency.

    The Indian economy is projected to continue to grow strongly at a pace of 6.7% from 2022 to 2011.

    The fast-growing domestic consumer market and its large industrial sector make India an increasingly important investment destination for a wide range of multinational companies in many sectors, including manufacturing, infrastructure and services.

    The ongoing digital transformation of India is expected to accelerate e-commerce growth and change the outlook for the retail consumer market over the next decade.

    According to the report, “This is attracting the world’s leading multinationals in the fields of technology and e-commerce to the Indian market.” “By 2030, 1.1 billion Indians will have access to the Internet, more than double the estimated 500 million Internet users in 2020.”

    Rapid e-commerce growth and the transition to 4G and 5G smartphone technologies are backed by home-grown unicorns such as the online e-commerce platform Mensa Brands, logistics startup Delhivery, and the fast-growing online grocery store BigBasket. Will be done. It surged during the pandemic, IHS Markit said.

    “The significant increase in FDI inflows into India that was apparent over the last five years continues with strong momentum in 2020 and 2021,” he added.

    Fiber2Fashion News Desk (DS)

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    India is likely to become Asia’s second-largest economy by 2030: IHS Markit

    Source link India is likely to become Asia’s second-largest economy by 2030: IHS Markit

    The post India is likely to become Asia’s second-largest economy by 2030: IHS Markit appeared first on Eminetra.

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