India to be the third biggest economy by 2030

By Newsgram Staff Writer

Leaving the US behind, India will be ranked as the third most powerful economic country in the world by 2030.

According to the US Department of Agriculture's latest macroeconomic projections, the US will see its decline in shares by 20 percent and will be left just as the global leader with $24.8 trillion in annual output of the country worth 25 percent of the world economy in 2006 and 23 percent in 2015.

Fifteen years from now, the US will be far less dominant, several emerging markets will go down and some of the largest European economies will be left behind.

"Among all the developing countries, India will be the bright spot in the global landscape. The country will have the largest workforce in the world within the next 15 years," said the International Monetary Fund.

"There are lots of uncertainties as China growing at 4% or 6% is not making that mark where India's growth at 3 percent or 8 percent makes a huge differences when you compound them over long periods of time," said Bruce Kasman, JP Morgan's chief economist.

Currently, India is at the eighth rank following Brazil, the United Kingdom, France, Germany and Japan in economy.