New Delhi: As per the reports of Standard Chartered PLC, Indian economy is likely to be the second largest in the world. It is also expected to surpass the US economy by 2030.
The report further predicted, China, currently the second largest economy, is likely to be world's biggest by 2030. According to report, seven of the top 10 economies in the world by 2030 are likely to be from current emerging markets based on purchasing power parity (PPP) exchange rates and nominal GDP.
As per the report, India's GDP growth is expected to reach to 7.8% by 2020. With this growth trend, India is likely to be the main mover among the top five economies, partly led by ongoing reforms, including the introduction of GST and the insolvency and Bankruptcy Code (IBC). Report predicts that, China who is currently the second largest economy, is likely to be world's biggest by 2030. After India and China, US, Germany and Japan will remain the top five economies in 2030.
Earlier this month, advance estimates released by the government says that Indian economy is expected to grow at 7.2% in the current fiscal.