India might become the world’s third largest importer by 2050

Import-Export
Import-Export

According to a survey provided by the UK’s Department of International Trade, India might become the world’s third largest importer by 2050. By 2050, the country will account for 5.9 percent of world imports, trailing just China and the United States.

India currently ranks ninth on the list of the world’s largest importers, with a 2.8 percent share. According to the Global Trade Outlook report, the country’s ranking will rise to fourth by 2030, with a 3.9 percent stake.

The analysis shows that import trends in fur will shift as the US and European Union’s proportion of global imports declines and Asia’s share of global imports increases.

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The survey said that the shift is particularly pronounced in the food, travel, and digital services sectors, where the Indo-Pacific region’s growing and increasingly rich populace are likely to buy more discretionary items.

It continued by stating that the world’s economic gravity has been migrating eastward for decades, steadily altering trade patterns.

“Between 2019 and 2050, the Indo-Pacific is predicted to account for 56% of global growth, compared to a quarter for the EU and North America combined. The Indo-Pacific region’s growth is also likely to rebalance over time, with South Asia’s share (led by India) increasing,” the report stated.

One of the primary reasons for the economic gravitation shift eastward is China’s rapid development. It is predicted to overtake the United States as the world’s largest economy by 2030, having already surpassed the US in terms of purchasing power parity (PPP) years ago.

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China, on the other hand, is anticipated to entirely eclipse the United States as the world’s largest economy in 2030. “The transition is predicted to occur around 2030. At that moment, both countries will account for approximately 22% of world GDP “al Gross Domestic Product,” the research continued.

Meanwhile, India is anticipated to leap to third place in the world’s top economies by 2050, accounting for 6.8% of global GDP. India is currently the world’s fifth largest economy, accounting for 3.3% of global GDP.

While the survey predicted that India and other rising economies would continue to grow significantly in the future, there are several obstacles to overcome. According to the research, emerging economies must move away from imitation and toward innovation, address income inequality and high levels of debt, and recover from the damage created by the Covid-19 pandemic.

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