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Richest Democracy In The Making: India Projected To Overtake US GDP By 2030, Says StanChart Report
PM Modi (Sonu Mehta/Hindustan Times via Getty Images)
According to a recent report released by Standard Chartered, India will be the second largest economy by nominal gross domestic product (GDP) using purchasing power parity (PPP) exchange rates by 2030, ahead of the US but behind China, reports Mint.
The report stated that by 2030, current emerging markets like Indonesia, Turkey, Brazil and Egypt would break into the world’s top ten economies. These are also some of the densely populated countries in the world.
“Our long-term growth forecasts are underpinned by one key principle: countries’ share of world GDP should eventually converge with their share of the world’s population, driven by the convergence of per capita GDP between advanced and emerging economies,” added the report.
Current leaders like France and the UK will be booted out of the list and Japan and Germany will occupy the ninth and tenth positions respectively.
Overtaking legacy economies
According to a PwC report, India is all set to overtake the United Kingdom (UK) to become the world’s fifth largest economy in 2019. In July 2018, India surpassed France to become the sixth largest economy. Currently, the US is the world's top economy, followed by China, Japan and Germany.
In a recently released World Bank report, India will continue to be the fastest growing major economy in 2018-19, registering a growth rate of 7.3 per cent this fiscal (FY19). However, China is expected to grow at a slower pace of 6.3 per cent in the same period.
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