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India may become world’s third largest economy by 2030

Munawar Zaman
Press TV, New Delhi

 

India's economy continues to be on consistent track and is posting as the fastest growing among major economies. 

Experts say with Covid outbreak shaking major economies, India maintained its consistency in almost all sectors except the manufacturing and employment which they say is like diesel engine and needs a major boost.

Many economic experts say investments are flowing smoothly in the world’s second most populous nation making it shock resistant, adding the country needs to revitalize its manufacturing sector with focus more on job creation and address bottlenecks in power, mining and infrastructure.

India growth forecast is projected at 7 percent despite turbulent markets and war in Ukraine that shook markets. Based on morgan stanlay and S&P global the country is projected to overtake Japan and Germany to become the third largest economy by 2030.

Economic experts say trade tensions between the US and China will also open up new opportunities for India if the country focuses more on manufacturing and infrastructure as the companies are considering India for production capacity as a second option.

Many however argue India needs double digit growth which would be vital for the second most populous nation where huge workface and young professionals join the market every year besides lifting millions out of poverty.

While the Coronavirus Pandemic ravaged the world’s economy, India managed to mitigate the impacts of the virus outbreak mainly by relying on its domestic markets. But experts say the economic growth is expected to fall in the coming months as the country is grappling with rising inflation, high unemployment rate, a spike in fuel costs and also a potential threat of global economic recession.

 


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