First News
Volume:7, Number:44
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Business & Finance 2
THIS WEEK

India’s Economy to Become Third Largest in the World by 2030

India is well poised to become the third-largest economy by 2030, surpassing the four developed nations of Japan, Germany, Britain and France, according to projections by a US government agency. The estimate by the United States Department for Agriculture Economic Research Service (USDA), based on data collated by the World Bank and IMF, assumes the Indian economy will expand annually at an average 7.4 percent to USD6.84 trillion by 2030. This will make it bigger than that of the economies of Japan (USD6.37 trillion) and Germany (USD4.38 trillion). What is more, India’s annual economic output will be almost double that of Britain (USD3.6 trillion) and France (USD3.44 trillion) in the next 15 years. International Monetary Fund’s managing director Christine Lagarde, who has repeatedly coined India as a “bright spot”, has forecast that Asia’s third largest economy will surpass Germany by 2030. India’s fast growing young population is perceived to boost economic activity and help the nation outpace aging developed nations.

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