The indian economy is currently the fifth largest economy in the world in terms of size. The economies of
America, china, japan and germany are still ahead of us in size. Looking at the speed at which the Indian
economy will grow in the next few years, it is believed that by 2030 we will leave japan behind and become the
third largest economy in the world. By that time the size of the indian economy will be equal to the GDP of 7300
billion dollars. Such an estimate has been expressed in the latest index of S&P Global india Manufacturing
(PMI). If this happens, india will be the second largest economy in Asia by 2030. In Asia, only china will be
ahead of us.
The size of the American economy during that time was 25500 billion dollars. The size of China's economy was
at second place with 18000 billion dollars. Whereas the size of the economy of japan, which was ranked third,
was 4200 billion dollars. germany is currently at number four. The size of the indian economy in 2022 GDP at
current prices was US$3500 billion. It is likely to reach $7300 billion by 2030.
Trade is an important component of the indian economy. One aspect of concern for us on this front is regarding
China. Even in the past, our relations with china have not been that good. Despite this, china has been a very
important trading partner of india for the last several years. Bitterness in bilateral relations increased
significantly after the violent clash between the armies of the two countries in Galwan Valley in june 2020. The
relationship reached its worst point in the last three years. Despite this, India's trade relations with China
remained equally strong. The result of this is that china is currently India's second largest trading partner. On
this front, America is at the first position since last two years. However, for the first few years, china was our
biggest trading partner.
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