INSUBCONTINENT EXCLUSIVE:
For the full fiscal year 2021-22, India's real GDP growth rate is projected to be 8.2 per centNew Delhi: India is likely to overtake Japan
as Asia's second-largest economy by 2030 when its GDP is also projected to surpass that of Germany and the UK to rank as world's No.3, IHS
Markit said in a report on Friday
Currently, India is the sixth-largest economy in the world, behind the US, China, Japan, Germany and the United Kingdom."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
"This rapid pace of economic expansion would result in the size of Indian GDP exceeding Japanese GDP by 2030, making India the
second-largest economy in the Asia-Pacific region." By 2030, the Indian economy would also be larger in size than the largest Western
European economies of Germany, France and the UK."Overall, India is expected to continue to be one of the world's fastest-growing economies
over the next decade," it said
The long-term outlook for the Indian economy is supported by a number of key growth drivers."An important positive factor for India is its
large and fast-growing middle class, which is helping to drive consumer spending," IHS Markit said, forecasting that the country's
consumption expenditure will double from $1.5 trillion in 2020 to $3 trillion by 2030.For the full fiscal year 2021-22 (April 2021 to March
2022), India's real GDP growth rate is projected to be 8.2 per cent, rebounding from the severe contraction of 7.3 per cent year-on-year in
2020-21, IHS Markit said.The Indian economy is forecast to continue growing strongly in the 2022-23 fiscal year, at a pace of 6.7 per cent
The rapidly growing domestic consumer market as well as its large industrial sector have made India an increasingly important investment
destination for a wide range of multinationals in many sectors, including manufacturing, infrastructure and services.The digital
transformation of India that is currently underway is expected to accelerate the growth of e-commerce, changing the retail consumer market
landscape over the next decade."This is attracting leading global multinationals in technology and e-commerce to the Indian market,"
"By 2030, 1.1 billion Indians will have internet access, more than doubling from the estimated 500 million internet users in 2020."The rapid
growth of e-commerce and the shift to 4G and 5G smartphone technology will boost home-grown unicorns like online e-commerce platform Mensa
Brands, logistics start-up Delhivery and the fast-growing online grocer BigBasket, whose e-sales have surged during the pandemic, IHS Markit
said."The large increase in FDI inflows to India that has been evident over the past five years is also continuing with strong momentum in
2020 and 2021," it said.This, it said, is being boosted by large inflows of investments from global technology MNCs such as Google and
Facebook that are attracted to India's large domestic consumer market.Being one of the world's fastest-growing economies will make India one
of the most important long-term growth markets for multinationals in a wide range of industries, including manufacturing industries such as
autos, electronics and chemicals, and services industries such as banking, insurance, asset management, healthcare and information
