India is on track to become the fastest growing major economy in the world by 2012 and will be the third largest by GDP-size in the next two decades behind China and the US, a recent report claims.
A global study by British bank Standard Chartered says India will have overtaken Japan and will be trailing the US by a slim margin by 2030, according to The Economic Times of India.
Standard Chartered expects India to grow at an annual 9.3 per cent for the next two decades and the per capita income of Indians to shoot up to US$7,000 by 2030 from the present US$1,000.
India's contribution to global GDP will rise to 10 per cent, while China's will be at 24 per cent, according to the report.
Standard Chartered head of India Research, Samiran Chakraborty, said India would continue to grow on the domestic demand front rather than being an export hub like some of its Asian peers.
The biggest risks for the expectations to not come true are the collapse of China, the US going into a 10-year moratorium like Japan, and protectionism gaining currency, he told the Economic Times.
