India to become world’s 2nd largest economy by 2038: EY

India is expected to surpass the United States in terms of purchasing power parity (PPP) by 2038, assuming the two countries continue to grow at the forecasted rates beyond 2030, according to the EY Economy Watch report. This means India will go on to become the world’s second-largest economy in purchasing power parity in the next 13 years, with an expected value of $34.2 trillion. The report added that the average predicted growth rates of India and the US over the period 2028 to 2030 are at 6.5% and 2.1% (IMF), respectively. The report, coming on a day when US President Donald Trump’s 50% tariffs on Indian goods kicked in, boosts the country’s confidence, proving that the current scenario will not last for long. The Ernst & Young (EY) report, based on IMF projections, states that the Indian economy would reach $20.7 trillion by 2030, showing better progress than the US, China and Germany, as per a report.

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