Indian economy likely to surpass US by 2030: Report | Daily News

Indian economy likely to surpass US by 2030: Report

New Delhi: Indian economy is likely to be the second largest in the world, bigger than the US by 2030, a research report by Standard Chartered says. Meanwhile, China, currently the second largest economy, is likely to be world’s biggest by 2030, the report predicted. The Times of India citing the Standard Chartered report said, seven of the top 10 economies in the world by 2030 are likely to be from current emerging markets based on purchasing power parity (PPP) exchange rates and nominal GDP. After India and China, US, Germany and Japan will remain the top five economies in 2030.

India’s GDP growth is expected to accelerate to 7.8% by 2020. With this growth trend, India is likely to be the main mover among the top five economies, partly led by ongoing reforms, including the introduction of GST and the insolvency and Bankruptcy Code (IBC), the report said.

In the next decade, China’s growth is likely to remain strong but by 2030, it is likely to moderate to 5%, reflecting a natural slowdown, given the size of the economy, the report added.

According to advance estimates released by the government earlier this month, Indian economy is expected to grow at 7.2% in the current fiscal. According to the ToI report, multinational agencies believe India’s growth to accelerate in the near future as China moderates.

The daily citing StanChart’s long-term forecast said emerging markets, especially Asia, are likely to increasingly drive global growth in future. (www.timesnownews.com)


Add new comment