INDIA WILL BE THE SECOND LARGEST ECONOMY BY 2030”: PRAKASH SHAH

INDIA WILL BE THE SECOND LARGEST ECONOMY BY 2030”: PRAKASH SHAH

( Prakash Shah at South Africa)

 Prakash K. Shah has been living in America for many decades, but his soul resides in India only. Prakash Shah is engaged in the service of India with all his heart and soul. Despite holding a high position in America, he leads a very simple life. He comes to India and engages himself in the service of the poor and destitute. He also wants India to be the world leader and wishes the country must become economically and corruption-free. No Indian should be poor. 

Mr. Shah says about the Indian economy:

"The world’s fifth largest economy India will overtake Japan to become the third largest economy by 2030 with GDP of $7.3 trillion. After rapid economic growth in 2021 and 2022 the Indian economy has registered a sustained and strong growth during the calendar year 2023.

The country’s economic growth is likely to be 6.2-6.3 percent during the fiscal year ending March 2024. It will be the fastest economic growth this fiscal year.

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According to S&P Global the growth in FDI in India over the past decade indicates a positive long-term growth outlook for the Indian economy and growth will also be supported by rising incomes in urban areas. Continuous expansion in the economy will be possible during the year 2023 and 2024 as well.

In US dollar terms the size of the Indian economy will grow from $3.5 trillion in 2022 to $7.3 trillion by 2030. Due to the rapid pace of this economic expansion it will even overtake Japan’s GDP by 2030. By 2030 India’s GDP will surpass even Germany’s.  Currently the US is the world’s largest economy with size of $25.5 trillion. While China ranks second with size of 18 trillion dollars, which is 17.9 percent of the world’s GDP. While Japan is the third largest economy with $4.2 trillion. Next is Germany with size of $4 trillion.

 A key positive factor for India is the rapidly growing middle class, which contributes to growth in consumer spending. The country’s rapidly growing domestic consumer market as well as large industrial sector have made India an attractive investment hub for multinational companies in several sectors including manufacturing, infrastructure and services sectors.

By 2030, 1.1 billion Indians will have Internet access, double the 500 million Internet users in 2020. The rapid growth of e-commerce and the shift from 4G to 5G will boost local ecommerce platforms Mensa Brands, logistics startups Delivery and Big Basket, the e-sales of which increased during the covid epidemic. The country has also seen a strong inflow of FDI over the last five years."

- Ishwar prajapti. 

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