India to be third largest economy by 2030: UK think tank
India would overtake Britain to become the largest economy in the Commonwealth in 2019A study report released by the UK-based Centre for Economics Business and Research (CEBR) has put the Indian economy in a bright spot, underlining that India, riding high on its rapid-pace economic growth, is likely to become the world’s third largest economy by 2030. The report asserted that India has made a bright start in 2015 with faster economic growth than China for the first time in recent years. However, the world’s ninth biggest economy has still a long way to go to overtake China – currently the world’s second largest economy, only behind the US. “India is now starting to catch up with China and will eventually overtake in the second half of the century,” the CEBR said in its report. The think-tank, however, stated that India would soon overtake Britain to become the largest economy in the Commonwealth in 2019. “India is also likely to force its way into the exclusive G-8 group of the world’s leading economies,” it said. India's GDP is estimated to be touching $10.133 trillion by 2030, only behind America's $32.996 trillion and China’s $34.338 trillion. China’s economic growth, which has slowed down considerably during the last couple of years, would still manage to outpace the US’s by 2029. “Slower Chinese GDP growth and a weaker currency mean that China is now forecast to overtake the US in 2029 compared with 2025 in last year’s forecasts,” it said. The report further pointed out that some of the world’s major economies including Italy, France and Russia will be ejected out of the G-8 group based on their GDP, and they will be replaced by emerging economies like India, Korea and Brazil. Referring to Japan, currently the world’s third largest economy, the report said that Japan’s GDP growth is currently the weakest among all major economies, and both the UK and Germany are likely to overtake the Asian giant during 2030s.
December 28, 2015 | 4:25pm IST.
to success.