India will overtake Japan by 2030, now China is the target

India is poised to emerge as the economic superpower of the world. Those who consider India’s population as a hindrance to economic progress cannot deny the fact that 64 percent of India’s total population is made up of youth. These youths have taken up the responsibility of taking the country on the path of progress. In fact, on Friday, IHS Markit said in a report that India can overtake Japan as the second largest economy in Asia by 2030 and by that time India’s GDP will be third in the world, surpassing Germany and the United Kingdom. But will reach. Currently, India is the sixth largest economy in the world after the United States of America, China, Japan, Germany and the United Kingdom.

In its report, IHS Markit Limited said- “India’s GDP, measured on US dollar basis, is projected to grow from $2.7 trillion in 2021 to $8.4 trillion by 2030. As a result of rapid economic growth, India’s GDP will exceed Japan’s GDP and according to mathematical calculations, by 2030, India will become the second largest economy in the Asia-Pacific region. By 2030, the Indian economy will be larger than even the largest Western European economies such as Germany, France and the United Kingdom.” Overall, India is expected to remain one of the fastest growing economies in the world over the next decade as well. The long-term outlook for the Indian economy is supported by several key growth drivers and government-backed welfare schemes.

IHS Markit said, “An important positive factor for India is its large and rapidly growing middle class, which is helping drive consumer spending. National consumer spending in 2020 was $1.5 trillion. It is projected to double to $3 trillion by 2030.” At the same time, India’s real GDP growth for the 2021-22 financial year (April 2021 to March 2022) is projected to be 8.2%, which is 7.3 in 2020-21. % is recovering from the year-on-year average. The rapidly growing domestic consumer market and its large industrial sector make India an important investment destination for a wide range of MNCs across multiple sectors. It has become both an attractive market and supplier of manufacturing, infrastructure and services.

The ongoing digital transformation in India is expected to accelerate the growth of e-commerce and change the outlook for the retail consumer market in the next decade. According to the report, “The Indian market is attracting the world’s leading multinational companies in the field of technology and e-commerce. By 2030, 1.1 billion Indians will have access to the Internet, which is more than double the estimated 500 million Internet users in 2020. Rapid e-commerce growth, online e-commerce platforms for 4G and 5G smartphone technologies, business home unicorns such as mens brands, logistics startups and rapidly growing online kirana stores. It has increased instead of decreasing during the self-reliant India and pandemic package.