Highlight
- India overtakes United Kingdom as the fifth largest economy in the world
- Now, experts suggest that by 2030 India will become the third largest economy globally
- This is the second time that India has beaten the UK in terms of economy, first in 2019
Indian Economy News: After India overtook the United Kingdom as the fifth largest economy in the world, experts suggest that by 2030 India will become the third largest economy globally.
Former Chief Economic Adviser Arvind Virmani said, “India is growing on the scale of electricity and by 2028 – 2030 as per my earlier forecast, we will become the third largest economy in the world.”
“It is the trend that is important, which will affect perceptions, it will affect our foreign policy and how we deal with different countries and it will affect the perception of India. It will affect the perception of different people or where India is. So, in the last 20-30 years people have started seeing that we are far behind China. Hopefully this will change the perception.”
This is the second time that India has beaten the UK in terms of economy for the first time in 2019.
“This is not the first time, this is the second time, in fact, earlier it was in 2019. We are focusing on capital expenditure. We are making efforts to reduce revenue expenditure and RBI’s strategy of inflation targeting has helped. It has also helped the economy,” said Sachin Chaturvedi, director general of RIS (Research and Information Systems for Developing Countries), “the development has taken place in a very balanced manner and it has also given results.”
Read also: India overtakes Britain to become world’s fifth largest economy
Another expert described India’s economy as booming and Britain’s economy weak, saying that this factor could also have an impact on the UK election.
“It is a proud moment for India. We are doing very well with respect to growth and economy. IMF has been saying for a long time that we are the fastest growing economy in the world. Inflation is almost under control. On the other hand. , UK economy is badly affected and not doing well. The forecast for 2027 is very high. While the world is on the verge of recession, the Indian economy is booming. We are doing really well and it is in economic performance. I’m pretty sure this factor is going to influence the UK election,” said Charan Singh, an eminent economist.
According to data from the International Monetary Fund, India lags behind the US, China, Japan and Germany in ‘nominal’ cash terms – by about $854 billion – in terms of the size of its economy. A decade ago, India was ranked 11th and Britain at fifth.
(with ANI inputs)
Also read: IFinance Secretary says Indian economy to grow by over 7 percent in FY 2013