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India To Become Asia’s Second-Largest Economy By 2030

India To Become Asia’s Second-Largest Economy By 2030:

According to the Information Handling Services (IHS) Markit report, India is likely to overtake Japan as Asia’s second-largest economy by 2030.

  • Currently, India is the sixth-largest economy, behind the U.S., China, Japan, Germany and the U.K.
  • IHS Markit is a global leader in information, analytics and solutions for the major industries and markets that drive economies worldwide.

Current State of India’s Economy:

  • India’s GDP at current prices stood at USD 694.93 billion in the first quarter of FY22, as per the provisional estimates of gross domestic product for the first quarter of 2021-22.
  • India is the fourth-largest unicorn base in the world with over 21 unicorns collectively valued at USD 73.2 billion.
  • In terms of value, the size of the Indian economy stood at USD 2.7 trillion in 2021, which is projected to grow to USD 8.4 trillion by 2030.
  • This boom is enough to overtake Japan, making India the second largest economy in the Asia-Pacific region by 2030.
  • India’s growth rate is projected to be 8.2% in 2021-22, compared to a decline of 7.3% in the previous fiscal.
  • However, the momentum of the current financial year(FY) will continue in 2022-23 as well and India will achieve 6.7% growth.