Just mention Bollywood, the first thing that comes to mind is the country of India which is famous for its timeless Hindi movies and songs.
However, don't be ignorant of the fact that India is also one of the economic giants that ranks sixth in the world's largest economy chart, according to World Data.
However, India's ranking is expected to rise in 2030, thereby overtaking the UK, Germany and Japan to become the world's third largest economy.
S&P Global forecasts India's annual nominal gross domestic product (GDP) growth to average 6.3% through 2030.
These projections are based on ongoing structural reforms, including trade and financial liberalization, infrastructure and human capital investment and labor market improvements.
In line with the projection, Morgan Stanley also expects the country's GDP to grow more than double from the current level by 2031.
India posted stronger annual growth in the third quarter at 6.3%, and 13.5% in the second quarter driven by strong domestic demand.
In the wake of US economic sanctions on China, India has benefited as another alternative for US companies to invest.
The closest example can be seen is that Apple, which previously only assembled the iPhone SE in India, has authorized the Foxconn factory in the country to market the latest device, the iPhone 14.
Following the alternating Covid-19 shutdowns in China now, it is not impossible if India usurps Beijing's role to become the main factory of the world's leading devices.
In fact, Russia is also shifting its focus to India as its largest oil importer after being blocked by the US, Europe and other global allies.
Even so, the 'road' for India to become the world's third largest economy is not easy given the risk of a prolonged global recession that could slow down the effort.
According to the reader's view, does India have the potential to grow bigger to occupy the third place in the world's top economy chart?
