CURRENT AFFAIRS

Detailed explanation-1: -’India’s nominal GDP is forecast to rise from $2.7 trillion in 2021 to $8.4 trillion by 2030’. India is likely to overtake Japan as Asia’s second-largest economy by 2030 when its GDP is also projected to surpass that of Germany and the U.K. to rank as the world’s No. 3, IHS Markit said in a report on Friday.

Detailed explanation-2: -The Centre for Economics and Business Research (CEBR), a British consultancy, has said India will become third largest economy by 2035 from the current fifth spot.

Detailed explanation-3: -India may become the third largest economy by 2030, overtaking Japan and Germany. S&P’s forecast is based on the projection that India’s annual nominal gross domestic product growth will average 6.3% through 2030.

Detailed explanation-4: -In terms of value, the size of the Indian economy stood at USD 2.7 trillion in 2021, which is projected to grow to USD 8.4 trillion by 2030. This boom is enough to overtake Japan, making India the second largest economy in the Asia-Pacific region by 2030.

Detailed explanation-5: -India is not the fastest growing big economy In 2019, Prime Minister Narendra Modi envisioned to make India a $5 trillion economy and global powerhouse by 2024-25.