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A report released by Standard Chartered Bank says that India will become the third largest economy by 2030. Currently, India is ranked fifth in the world in terms of GDP.
The report estimates that India’s GDP will grow to USD 6 trillion by 2030 from the current size of USD 3.5 trillion. The country will overtake Japan and Germany, says the report. US and China will continue to dominate the world economy by holding the first two positions, respectively.
Further, the report says that India has successfully changed from a low-middle-income country (LMIC) to an upper-middle-income country (UMIC) both locally and globally. In fact, the report shows that the per capita income of India is likely to rise from USD 2,450 to USD 4,000. More than nine states will likely have per capita income above USD 4,000 by 2030.
Further, the growth will be driven by consistent policy reforms, macro stability, healthy external and financial sectors, a large share of working professionals, digitization, and political stability, says the report.
