The Economy of India has already surpassed France to become the 6th largest in the world.
The Economy of India will climb to No.3 spot by 2030, according to HSBC Holdings latest report. The economy of India has already surpassed France to become the 6th largest in the world.
According to a report unveiled by UK’s HSBC Holdings, Indian economy is estimated to overtake Japan as the world’s third-largest economy by 2030.
The country’s GDP (Gross Domestic Product) has been projected to stand at $5.9 trillion in 2030, compared to $2.59 trillion at the end of 2017.
Key Reasons behind this forecast:
The economy of India was seen as the most prominent gainers in the long-term rankings. The economy’s rapid growth and a rising working-age population were seen as the core strengths.
India topped the World Bank’s growth outlook for the first time in fiscal year 2015–16, during which the economy grew 7.6%.
Regardless of previous reforms, economic growth is still significantly slowed by bureaucracy, poor infrastructure, and inflexible labor laws.