India to race as the third largest economy by 2030

ImageCourtesy: Siliconindia.com

The recent microeconomica projections for 2030 by the US Department of Agriculture are something to put a feather in the hat of India. In the next 15 years, India is said to rise to the top 5 rankings in the world.

India is said to be the third largest economy in 2030, according to the statistics given by the US Department of Agriculture. The statistics will be quite a presentable news for the Modi government who were voted in the power last year, assuring the Indians about the good governance and healing the ailing reforms in the country.

Keeping in the step with the current projections, India stands on the eighth position, following countries like Brazil, France and Germany. To the much delight of the Indians, India is much likely to outgun these countries to make it up in the top three. The reduced oil prices and the renewed investor confidence has helped in India to fix its stop in the following forecasts.

The other countries predicted to break in the top ten are Japan, Germany, UK and France. Even though USA will continue reining the first stop, according to the statistics, it will reduce its dominance. On the side note, China, the most powerful and dominating Asian will be following on the Number 2 spot.

“Growth numbers are now much higher and the current account deficit is comfortable, in part due to the fall in gold imports and lower oil prices,” Paul Cashin, International Monetary Fund (IMF) Mission Chief for India was quoted saying in an annual report. “New investment project announcements have started to pick up, particularly in the power and transport sectors.”

The International Monetary Fund says that this fiscal year the forecast for India is said to be 7.2 per cent.

The IMF has all praise of Prime Minister Narendra Modi’s Make In India Campaign, where he emphasizes on the manufacturing and production in the country itself.

Within the next 15 years, India will have the largest, and among the youngest, workforces in the world, and will need to create jobs for the roughly one hundred million young Indians who will enter the job market in the coming decade,” the report says. However, the organization advises better implementation of reforms, especially in areas like mining and power; as written in The Times of India.

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About Sanika Govekar

An avid reader with a love for English, an achiever; she has a burning desire to succeed. She wants to make a difference to the society and strongly believes that self-discipline and a monumental work ethic can beat natural ability. Aim to Major in Economics.