Lagatar24 Desk
New Delhi, Sept 4: After overtaking the United Kingdom as the world’s fifth largest economy, experts predict that India will be the world’s third largest economy by 2030. This is India’s second economic victory against the United Kingdom, the previous coming in 2019
“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,” said Arvind Virmani, Former Chief Economic Advisor.
“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,” he added.
This is India’s second economic victory against the United Kingdom, the previous coming in 2019.
Sachin Chaturvedi, DG, RIS (Research and Information System for Developing Countries) 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.”
According to IMF data, India ranks behind the United States, China, Japan, and Germany in terms of the size of its GDP in ‘nominal’ cash terms – roughly $854 billion. A decade ago, India ranked 11th while the United Kingdom ranked fifth.
