India to top Germany and Japan to become third largest economy by 2023: Survey

[ashok68]

Share:

Facebook X (Twitter) WhatsApp Email Share Link

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.

……………………………………………

……………………………………………

"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

 

[ashok68]

India to account for 18% of global growth by 2028, says IMF; Here’s how India has economically grown stronger after 2014​

According to the study, Krishna Srinivasan, director of the IMF's Asia and Pacific Department, believes India will contribute 18% of global growth by 2028, up from 16%.

According to the latest IMF estimates, India’s stronger growth in comparison to China’s economic slump will result in India contributing more to the global growth.

China, however, continues to lead in terms of the size of their economies. According to the IMF’s most recent projections, China’s nominal GDP would rise to $23.61 trillion by 2028, while India’s will rise to $5.94 trillion. According to IMF estimates, China and India will provide over half of global growth in both 2023 and 2024.

The International Monetary Fund said in its latest World Economic Outlook report, released in the first week of October, that India’s GDP is expected to increase by 6.3% in the current fiscal year, up 20 basis points from its previous projection in July. Notably, the IMF increased its India GDP growth prediction for 2023-24, the second increase in three months. This forecast pushed India’s GDP growth rate closer to the 6.5% figure anticipated by the Indian government.

Read more at:

https://www.opindia.com/2023/10/imf-says-india-to-account-for-18-of-global-growth-by-2028/

Courtesy: opIndia.com