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India is likely to overtake Japan as No.3 economy in the world- says a forecast report

According to a recent report produced by HSBC Holdings Plc, India is expected to take the No.3 spot by the year 2030. The South Asian giant is not a spectator but a competitor in today’s world. Having announced its arrival to the world as No. 6 as of 2017, India’s economy will only see improvements in the times to come.

India is rated highly in the world economic forum India and is recognised as “among the most appealing” gainers in the bank’s long-term rankings, surpassing Germany and Japan to a large extent on account of the economy’s rapid growth.

China is all set to leapfrog the U.S. as they retain the top two spots in 2030 at $26 trillion and $25.2 trillion, respectively, with India cementing the third spot at $5.9 trillion, according to HSBC estimates.

Source HSBC

Recent developments:

India has comprehensively outsmarted France in terms of size this year and their motive is to surpass Britain. Union Minister Arun Jaitley believes that India is destined to make giant strides and become the fifth largest economy in the world.in 2019.

“This year, in terms of size, we have overtaken France. Next year we are likely to overtake Britain. Therefore, we will be the fifth largest [economy],” he said in the national capital in New Delhi.

The Union Minister said adding that the other economies in the world were going up at a much lesser pace when compared to India that has all the ingredients to be among the top 3 economies of the world in the next one or two decades.

Written by Chaithanya G

Hailing from Chennai, Chaithanya G is the Managing Director of TheYouth. He has dedicated his whole life to reading and writing.

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