After overtaking the UK as the world’s fifth-largest economy, experts predict that India will become the world’s third-largest economy by 2030.
“India is ramping up its power scale and by 2028-2030 we will be the third largest economy in the world according to my previous forecast,” said former chief economic adviser Arvind Virmani.
“What matters is the trend, it affects people’s perception, it affects our foreign policy and the way we deal with different countries, it affects people’s perception of India. It will affect different people’s perception or the situation in India. So, in the last 20 to 30 years, people have started to realize that we are far behind China. This will hopefully lead to a change in perception,” Vermani said.
This is the second time India has beaten the UK economically, the first in 2019.
“It’s not the first time, it’s actually the second time, the earlier one was in 2019. We’re focused on investment. We’re trying to reduce revenue expenditures, and the RBI’s inflation control strategy has also helped the growth to be very balanced, It also brought results,” said RIS (Research and Information Systems for Developing Countries) DG Sachin Chaturvedi.
Another expert said India’s economy is booming and Britain’s is booming, a factor that could also have an impact on the UK election.
“This is a proud moment for India. We are doing very well in terms of growth and the economy. The IMF has said long ago that we are the fastest growing economy in the world. Inflation is almost under control. On the other hand, the UK economy has been battered and underperforming. The forecast for 2027 is much higher. While the world is on the brink of recession, the Indian economy is booming. We are doing well and that shows in economic performance. I believe this factor will affect the UK general election,” said respected economist Charan Singh.
According to the International Monetary Fund, India’s “nominal” cash economy is second only to the US, China, Japan and Germany at about $854 billion. Ten years ago, India was 11th and the UK was fifth.