New Delhi: By 2030, India is expected to replace Japan as Asia's second-largest economy, surpassing Germany and the United Kingdom to become the world's No. 3 economy, according to IHS Markit.  India is currently the world's sixth-largest economy, behind the United States, China, Japan, Germany, and the United Kingdom.

"India's nominal GDP is expected to expand from USD 2.7 trillion in 2021 to USD 8.4 trillion by 2030," according to IHS Markit Ltd. "As a result of this rapid economic growth, India's GDP will surpass that of Japan by 2030, making India the second-largest economy in the Asia-Pacific area." By 2030, India's GDP will be larger than Germany, France, and the United Kingdom, the three major Western European economies.

"Overall, India is anticipated to remain one of the fastest-growing economies in the world over the next decade," it stated. A number of significant growth drivers boost the Indian economy's long-term prospects.

"An key positive aspect for India is its big and rapidly increasing middle class, which is helping to fuel consumer spending," according to IHS Markit, which predicts that consumption expenditure would double from USD 1.5 trillion in 2020 to USD 3 trillion by 2030.

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