CURRENT AFFAIRS

Detailed explanation-1: -By 2030, domestic private consumption, which accounts for 60 per cent of the country’s GDP, is expected to develop into a $6-trillion growth opportunity. “If realised, this would make India’s consumer market the third-largest in the world, behind the US and China,” the report said.

Detailed explanation-2: -According to industry estimates, India’s consumer digital economy is expected to be a US$800 billion market in 2030, registering a  10x growth from 2020.

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: -India is on track to become the world’s third largest economy by 2027, surpassing Japan and Germany, and have the third largest stock market by 2030, thanks to global trends and key investments the country has made in technology and energy.

Detailed explanation-5: -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.