India may become the third largest economy by 2030, overtaking Japan and Germany

India is set to overtake Japan and Germany to become the world’s third-largest economy, according to S&P Global and Morgan Stanley.

S&P’s forecast is based on the projection that India’s annual nominal gross domestic product growth will average 6.3% through 2030. Similarly, Morgan Stanley estimates that India’s GDP is likely to more than double from current levels by 2031.