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.
“India is rising in the power rankings, and by 2028 – 2030, we will be the world’s third-largest economy,” said Arvind Virmani, former Chief Economic Advisor.
“It is the trend that is important because it will affect perceptions, our foreign policy and how we deal with various countries, and India’s perception. It will have an impact on how different people perceive India. So, over the last 20-30 years, people have realized that we have fallen far behind China. This will hopefully start to change people’s perceptions “Virmani explained.
This is India’s second economic victory over the United Kingdom, the first coming in 2019. “It is not the first time this has occurred; in fact, the first occurred in 2019. We are concentrating our efforts on capital expenditure. We are making efforts to reduce revenue expenditures, and the RBI’s inflation targeting strategy has also helped the economy grow in a very balanced manner, with positive results “RIS Director General Sachin Chaturvedi stated (Research and Information System for Developing Countries).
Another expert believes that the fact that India’s economy is booming while the UK’s economy is struggling will have an impact on the UK election. “This is a proud day for India.” In terms of economic growth and development, we are doing extremely well. For a long time, the IMF has stated that we have the world’s fastest growing economy. The inflation rate is nearly under control. On the other hand, the UK economy has been severely harmed and is performing poorly. The forecast for 2027 is significantly higher. While the rest of the world is in a slump, the Indian economy is thriving. We are doing extremely well, and this is reflected in our economic performance.
According to the data from the International Monetary Fund, India ranks behind the US, China, Japan and Germany in terms of the size of its economy in ‘nominal’ cash terms – around $854 billion. A decade ago India was 11th and the UK was fifth.
