India to become worlds 3rd largest economy by 2030

Indian economy, which is currently the worlds sixth-largest economy is projected to become the Asia's second largest economy and worlds third largest economy by 2030 in a report released by IHS Markit.

The report by IHS Markit forecast Indian economy at $8.4 trillion by 2030 from $2.7 trillion in 20121.

IHS Markit consider India’s large fast growing middle class and consumer spending as a driving force behind this forecast. IHS also predicts India’s consumer spending at $3 trillion by 2030 doubling from $1.5 trillion in 2020.

Report also forecast India economic growth for FY22 at 8.2% from a severe contraction of 7.3% in FY21. The report also forecast FY23 growth at 6.7%.

Source: IMA Markit

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