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India set to overtake Japan as world’s third-largest economy

With our presence in the freight forwarding trades between India and the world through our long standing agent, Sahil Freight, we were interested to read that the South Asia nation, currently the world’s fifth-largest economy, is on track to potentially surpass Japan and claim the title of the third-largest global economy by 2030, according to the latest report from S&P Global Market Intelligence.According to the report, the Indian economy has shown remarkable resilience and consistent growth throughout 2023, building on the substantial economic expansion experienced in 2021 and 2022.The report added that the projections indicate that India’s Gross Domestic Product (GDP) is poised to achieve a growth rate of 6.2-6.3 percent in the fiscal year ending in March 2024. This places India as the fastest-growing major economy for the current fiscal year. Notably, India’s economy exhibited robust growth, expanding by an impressive 7.8 percent during the April-June quarter.The forecast underscores India’s remarkable economic trajectory, positioning it to potentially surpass Japan in the global economic rankings by 2030. This transition highlights India’s emergence as a significant economic player on the world stage, driven by sustained growth and a promising outlook for the years ahead.For more information about the U-Freight Group's freight forwarding and logistics capabilities in the Indian sub continent, please contact one of our offices or visit the relevant pages of this website.