India Set to become 3rd Largest Economy by 2030, Says Experts

Experts predict that by 2030, India would surpass the UK to become the third-largest economy in the world, after India passed the UK as the fifth-largest economy in the world. Former Chief Economic Advisor, Arvind Virmani said “India is moving up the power scale and according to my earlier forecast by 2028 – 2030, we will become the third largest economy in the world.”Virmani Added, “It’s the trend which is important, which will affect perceptions, it will affect our foreign policy and how we deal with various countries and it will affect the perception of India. It will affect the perception of different people or where India is. So, over the last 20-30 years, people have begun to see that we are far behind China. This will hopefully start changing the perception.”

India has now defeated the UK twice in terms of economics; the first time was in 2019. DG,RIS, Sachin Chaturvedi said “It has not happened for the first time, it’s the second time, actually, the earlier was in 2019. We are focusing on capital expenditure. We are making efforts to bring down the revenue expenditures and RBIs strategy of inflation targeting has also helped economy grow in a very balanced manner and that has given the results as well.” Another expert claims that this difference between the economies of the UK and India could have an impact on the UK election.

“This is a proud moment for India. We are doing extremely well as growth and economy are concerned. IMF has been saying for a long time that we are the fastest growing economy in the world. Inflation is almost under control. On the other hand, UK’s economy is badly dented and is not doing well. The forecast for 2027 is much higher. While the World is on the brink of recession, the Indian economy is booming. We are doing really well and that is showing up in the economic performance. I am certainly sure that this factor is going to impact the UK election,” An Eminent Economist Charan Singh said. India behind the US, China, Japan, and Germany in terms of the size of its GDP in “nominal” cash terms, which is roughly $854 billion, according to figures from the International Monetary Fund. India and the UK both ranked eleventh a decade ago.

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