S&P Global said in its report, India will overtake Japan to become Asia's second largest economy by 2030.
International
India's nominal GDP, measured in US dollars, is projected to grow from US$3.5 trillion in 2022 to US$7.3 trillion by 2030, S&P Global said in its report. This boom will result in India's GDP surpassing that of Japan by 2030, making it the second largest economy in the Asia-Pacific region. S&P Global outlined key growth drivers that support India's long-term economic outlook. The country's large and rapidly growing middle class plays an important role in increasing consumer spending. Furthermore, India's domestic consumer market, coupled with its industrial sector, has attracted a wide range of multinational companies in various sectors, including manufacturing, infrastructure and services.
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