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.