India is likely to overtake Japan as Asia’s second-largest economy by 2030. China is the largest economy in Asia.
GDP growth expected
India’s GDP is also projected to surpass that of Germany and the UK to rank as the world’s No.3. “India’s nominal GDP measured in USD terms is forecast to rise from $2.7 trillion in 2021 to $8.4 trillion by 2030,” IHS Markit Ltd said. For the full fiscal year 2021-22, India’s real GDP growth rate is projected to be 8.2 per cent. The Indian economy is forecast to continue growing in the 2022-23 fiscal year, at a pace of 6.7 per cent.
The rapid growth of e-commerce and the shift to 4G and 5G smartphone technology will boost home-grown unicorns.
