India will become 3rd largest importer by 2050

With a growing middle class and its rising discretionary spending, India will become the world’s third largest importer by 2050 with a share of 5.9% of global imports, right behind China and the US, a new report said, mimicking its projected ranking among world economies.

The report projected that India would leapfrog to the third place by 2050 in the ranking of world’s largest economies, just behind China and the US, with a share of 6.8% in global GDP. At present, India is ranked fifth in size of world’s economies with a share of 3.3%. India’s GDP is projected to cross Germany by 2030 to become the fourth largest economy.

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