India will become third largest economy by 2030: experts
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New Delhi: India's overtaking of UK in terms of economic growth will further buoy up the nation, according to experts.
Arvind Virmani, former Chief Economic Advisor, said that India is moving up the power scale, NDTV reported.
Virmani added that by 2028 – 2030 India will go further up the curve becoming the third largest economy in the world.
India's growth, according to Virmani, will affect the nation's foreign policy as well as the perception of India, of different people and where India today is.
People over the last 20-30 years started to see that India is far behind and this according to him will change the perception.
Sachin Chaturvedi, DG, RIS (Research and Information System for Developing Countries) said this is the second time India has beaten the UK in terms of economy, with the first one being in 2019.
Chaturvedi added that India is trying to bring down the revenue expenditure and RBI's strategy for inflation has also helped economy grow in a very balanced manner.
Eminent economist Charan Singh said that this is a proud moment for India, adding that IMF has long been saying that India is the fastest growing economy in the world.
While the world is on the brink of recession, the Indian economy is booming and is showing up in the economic performance.
International Monetary Fund reported that India overtook UK to become the fifth largest economy behind the US, China, Japan and Germany with its economy in 'nominal' cash terms - around $854 billion.