India could be world's third largest economy by 2030: StanChart

MUMBAI: India could be one of the largest economies in the world in the next two decades, according to an official from the Standard Chartered Bank .

"We are projecting that by 2030, China, India and Brazil would be the world's first, third and fourth-largest economies," Standard Chartered Bank's Global Head (Client Access Transaction Banking) Neal Livingston said at an event here today.

"Asia accounts for a third of the world's GDP and is responsible for more than two-third of the world GDP growth," he said.

The bank expects a roll-over in the top five economies of the world and believes that their power could be under threat from the BRIC nations.

India's GDP is expected to be $ 30-trillion by 2030. Increased capacity, better infrastructure, quality of education, health and hygiene are likely to boost India's growth.

By 2030, China is likely to supersede the US and would reign as the super economy. China's GDP volume is expected to reach $ 73.5-trillion, the highest in the world. In 2010, China's GDP reached $ 5.9-trillion.

The country with the highest population in the world will remain the main engine of growth that is sustained by the manufacturing industry.

Moreover, the highly educated in China surged significantly.

During the past 30-years, China's economy has changed from a centrally planned system that was largely closed to international trade to a more market-oriented one that has a rapidly-growing private sector. A major component supporting China's rapid economic growth has been exports growth.

Brazil's GDP volume is expected to be around $ 12.2- trillion by 2030.