India to emerge as the 3rd largest economy in the world by 2030: CEBR report

28 December 2020: The Centre for Economics and Business Research (CEBR) in its annual report published on Saturday, predicts that India would become the fifth largest in 2025 and get elevated to the third spot by 2030.

According to the report, India had overtaken the UK in 2019 to become the fifth largest economy in the world. It got degraded to 6th spot in 2020. India has been knocked owing to the impact of the COVID-19 pandemic.

The CEBR forecasts that the Indian economy will expand by 9% in 2021 and by 7% in 2022. Growth will slow as India becomes more economically developed, with the annual GDP growth expected to sink to 5.8% in 2035, the report noted.

CEBR report said that China will overtake the US in 2028 to become the world’s biggest economy, five years earlier than previously estimated due to the contrasting recoveries of the two countries from the COVID-19 pandemic.

The CEBR said India’s economy had been losing momentum even ahead of the shock delivered by the COVID-19 crisis. The rate of GDP growth sank to a more than ten-year low of 4.2% in 2019, down from 6.1% the previous year and around half the 8.3% growth rate recorded in 2016.