As India overtook the United Kingdom to become the fifth largest economy in the world, former Chief Economic Advisor Dr Arvind Virmani predicted that by 2030, India will be the third largest economy globally, after the United States of America and China, reported news agency ANI.
Virmani said that as per his “earlier forecast,” India was moving “up the power scale” and would rank third by 2028-2030.
Calling the trend of growth important, the ex-economic advisor said that it would affect India’s perception, foreign policy, and how India deals with other countries. “So, over the last 20-30 years, people have begun to see that we are far behind China. This will hopefully start changing the perception,” ANI quoted him as saying.
After 2019, this year is the second time that India beat the UK in terms of the economy. As per data by the International Monetary Fund (IMF), India ranks behind the US, China, Japan, and Germany when it comes to the size of its economy in terms of ‘nominal’ cash, at around $854 billion, reported Hindustan Times.
'Rankings May Impact UK Polls'
Calling the UK’s economy “dented” when compared to India’s “booming” economy, economist Charan Singh said that the rankings might have an impact on the upcoming UK elections, reported The Print.
Singh said that India was doing “extremely well” when it came to growth and economy and that the inflation was “almost under control.”
“The forecast for 2027 is much higher. While the World is on the brink of recession, the Indian economy is booming. We are doing really well and that is showing up in the economic performance,” Singh told ANI.
India's GDP expanded 13.5 percent in the April-June quarter, the quickest pace in a year, to retain the 'world's fastest growing economy' tag. A decade ago, India ranked 11th on the list whereas the UK remained at fifth position.
(With inputs from Hindustan Times, The Print and ANI.)
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