India is set to become the fastest growing major economy in the world by 2012 and the third largest by GDP-size in the next two decades, behind China and the USA, a global study by British banking giant Standard Chartered said.
“India would have overtaken Japan and will be trailing the US by a slim margin by 2030. China would be at a comfortable number one position,” StanChart’s Head of India Research, Samiran Chakraborty said, citing the findings of the ‘Super-Cycle Report’ here on Monday.
The country’s contribution to global GDP will go up to 10% of the total pie of approximately $600 trillion, while China’s will be 24%, he added. StanChart expects the country to grow at an annual rate of 9.3% for the next two decades and the per capita income of Indians will shoot up to $7,000 by 2030 from the current $1,000, he added. The world is currently growing through the third super cycle, Chakraborty said.