India to top Germany and Japan to become third largest economy by 2023: Survey
The S&P Global Market Intelligence said in its report that India, the world's fifth largest economy, is likely to exceed Japan's GDP as well as Germany's to become the world's third largest by 2030. By topping Japan, India would also become the second largest economy in Asia.
India, the world's fifth largest economy in the world, is likely to overtake Japan to become the world's third-largest economy with a GDP of $7.3 trillion by 2030, S&P Global Market Intelligence said in its latest issue of PMI.
After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year.
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"An important positive factor for India is its large and fast-growing middle class, which is helping to drive consumer spending. The rapidly growing Indian domestic consumer market as well as its large industrial sector have made India an increasingly important investment destination for a wide range of multinationals in many sectors, including manufacturing, infrastructure and services," it said.
The digital transformation of India that is currently underway is expected to accelerate the growth of e-commerce, changing the retail consumer market landscape over the next decade. This, S&P Global said, is attracting leading global multinationals in technology and e-commerce to the Indian market.
Read more at:
https://www.indiatoday.in/business/...y-by-2023-sp-global-survey-2453053-2023-10-24
Courtesy: India today