India as Asia’s 2nd largest Economy
- January 8, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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India as Asia’s 2nd largest Economy
Subject – Economy
Context – ‘India to surpass Japan as Asia’s 2nd largest economy by 2030’
Concept –
- India is likely to overtake Japan as Asia’s second-largest economy by 2030 when its GDP is also projected to surpass that of Germany and the U.K. to rank as the world’s No.3, IHS Markit said.
- Currently, India is the sixth-largest economy, behind the U.S., China, Japan, Germany and the U.K.
- “India’s nominal GDP… is forecast to rise from $2.7 trillion in 2021 to $8.4 trillion by 2030,” IHS Markit said.
- By 2030, the Indian economy would also be larger in size than the largest Western European economies of Germany, France and the U.K.
- The rapidly growing consumer market as well as its large industrial sector has made India an increasingly important investment destination for multinationals in many sectors, including manufacturing, infrastructure and services.