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India Set To Become Third Largest Economy By 2030, Say Experts
India Set To Become Third Largest Economy By 2030, Say Experts
Sputnik International
India has overtaken the United Kingdom (U.K.) to become the world's fifth-largest economy and now only trails the US, China, Japan and Germany, according to... 04.09.2022, Sputnik International
2022-09-04T08:51+0000
2022-09-04T08:51+0000
2022-09-04T08:51+0000
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As India overtook the UK as the fifth largest economy in the world, Indian economists suggest that by 2030 India will become the third largest economy globally, the ANI report says.Arvind Virmani, former chief economic advisor and chairman of the Economic Growth and Welfare (EGROW) Foundation predicts that India "will become the third largest economy in the world" by 2028 - 2030.This is the second time India has outperformed the UK economy; it first did so in 2019.Sachin Chaturvedi, Director General of Research and Information Systems for Developing Countries (RIS) cited different reasons that have led to India's improved economic performance.A decade ago India was 11th in the largest global economy ranking and the UK was fifth.Economist Charan Singh points out that although India is extremely doing well, as growth and the economy are concerned and inflation is almost under control, the UK's economy is badly dented and is not doing well. Furthermore, a drop in the UK's economy could have an impact on its election. "The UK's economy is badly dented and is not doing well. The forecast for 2027 is much higher. While the world is on the brink of recession, the Indian economy is booming. We are doing really well and that is showing up in the economic performance. I am certainly sure that this factor is going to impact the UK election," Singh says.It must be remembered that despite India's total fertility rate falling to the "goldilocks" replacement level of two births per woman, the nation's population is slated to grow to over 1.5 billion by 2030, giving it the highest population of any country in the world. Meanwhile, the population of Japan, which has the world's third-biggest economy, is expected to shrink to below 120 million.
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India Set To Become Third Largest Economy By 2030, Say Experts
India has overtaken the United Kingdom (U.K.) to become the world's fifth-largest economy and now only trails the US, China, Japan and Germany, according to International Monetary Fund data projections.
As India overtook the UK as the fifth largest economy in the world, Indian economists suggest that by 2030 India will become the third largest economy globally, the ANI report says.
Arvind Virmani, former chief economic advisor and chairman of the Economic Growth and Welfare (EGROW) Foundation predicts that India "will become the third largest economy in the world" by 2028 - 2030.
"Over the last 20-30 years, people have begun to see that we are far behind China. This will hopefully start changing the perception," Virmani says.
This is the second time India has outperformed the UK economy; it first did so in 2019.
Sachin Chaturvedi, Director General of Research and Information Systems for Developing Countries (RIS) cited different reasons that have led to India's improved economic performance.
"We're focusing on capital expenditure. We are making efforts to bring down the revenue expenditures, and the RBI's strategy of inflation targeting has also helped economy grow in a very balanced manner and that has given results as well," Chaturvedi shared.
A decade ago India was 11th in the largest global economy ranking and the UK was fifth.
Economist Charan Singh points out that although India is extremely doing well, as growth and the economy are concerned and inflation is almost under control, the UK's economy is badly dented and is not doing well. Furthermore, a drop in the UK's economy could have an impact on its election.
"The UK's economy is badly dented and is not doing well. The forecast for 2027 is much higher. While the world is on the brink of recession, the Indian economy is booming. We are doing really well and that is showing up in the economic performance. I am certainly sure that this factor is going to impact the UK election," Singh says.
It must be remembered that despite India's total fertility rate falling to the "goldilocks" replacement level of
two births per woman, the nation's population is slated to grow to over 1.5 billion by 2030, giving it the
highest population of any country in the world. Meanwhile, the population of Japan, which has the world's third-biggest economy, is expected to shrink to
below 120 million.
