(Image source from: businesstoday.in)
India is one of the fastest developing nations of the globe. The nation is recovering at a fast pace from the ongoing coronavirus pandemic. As per the report from the UK's Department of International Trade, India will be the third-largest importer of the world by 2050. India may attain a global share of 5.9 percent in the imports by 2050. China and the United States of America will lead the list in the imports. India is currently in the eighth spot among the largest importing countries with a share of 2.8 percent. As per the report from the Global Trade Outlook, India is expected to reach the fourth spot by 2030 with a global market share of 3.9 percent.
The share of the United States and European Union are expected to take a decline and Asian countries will see a rise in the share of the global imports. The change will be in the food, travel and digital services. The wealthy population is increasing in the Indo-Pacific region as per the update. The report also said that the economic gravity of the world's center is moving eastward for decades. 56 percent of the global growth is expected from the Indo-Pacific region between 2019 and 2050. China's rapid progress is also a reason for the shifting of economic gravity. China is unstoppable and it is expected to reach new heights by 2030. The country is also expected to replace the USA as the world's largest economy by the year 2030.
By Siva Kumar