India will become the world’s 3rd largest importer by 2050 with a share of 5.9 per cent of global imports, following China and the United States (US), stated a new report titled Global Trade Outlook by the Department of International Trade in the UK. Currently, India ranks 8th among the largest importing nations with a 2.8 per cent import share and is on the way to becoming the 4th largest importer by 2030. A growing middle class and its rising discretionary spending are seen as contributing factors.
The Global Trade Outlook report also stated that India will jump to 3rd place by 2050 in the ranking of the world’s largest economies, just behind China and the US, with a share of 6.8 per cent in global GDP.
Currently, India ranks 5th in the ranking of the world’s largest economies with a share of 3.3 per cent in global GDP. India is likely to become the 4th largest economy as its GDP is expected to cross Germany by 2030.