{"id":135469,"date":"2021-09-20T17:55:52","date_gmt":"2021-09-20T12:25:52","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=135469"},"modified":"2021-09-21T18:02:00","modified_gmt":"2021-09-21T12:32:00","slug":"india-will-become-3rd-largest-importer-by-2050-uk-report","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/india-will-become-3rd-largest-importer-by-2050-uk-report\/","title":{"rendered":"India will become 3rd largest importer by 2050: UK report"},"content":{"rendered":"
\n<\/b><\/p>\n
What is the News?<\/b><\/h5>\n
The UK’S Department of International Trade has released a report titled \u2018<\/span>Global Trade Outlook<\/strong>‘.<\/span><\/p>\n
What are the key findings of the report?<\/b><\/h5>\nSource: Livemint<\/figcaption><\/figure>\n
India\u2019s Imports<\/b><\/h6>\n
Currently, I<\/span>ndia is the eighth-largest importing country, with a 2.8% import share. It is set to become the fourth-largest importer by 2030.\u00a0<\/span><\/p>\n
Moreover, I<\/span>ndia will become the world\u2019s third-largest importer by 2050 with a share of 5.9% of global imports, right behind China and the US.<\/span><\/p>\n
A shift in Economic Activity<\/b><\/h6>\n
Between 2019 and 2050, 56% of global growth is expected to come from the Indo-Pacific,<\/strong> compared with a quarter from the EU and North America combined.<\/span><\/p>\n
China<\/strong> will be the major driver of this economic shift as it is expected to become the world\u2019s largest economy by 2030.<\/strong>\u00a0<\/span><\/p>\n
Note: <\/b>China<\/strong> has already displaced the US in Purchasing Power Parity (PPP)<\/strong> terms (which account for differences in local prices) in the mid-2010s. But based on market exchange rates, the change is expected to happen around 2030.<\/span><\/p>\n
Moreover, <\/b>India<\/strong> is projected to become the third-largest economy by 2050<\/strong> just behind China and the US with a share of 6.8% in global GDP. At present, India is ranked fifth in the size of the world\u2019s economies, with a share of 3.3%.<\/span><\/p>\n
E7 Group of Economies<\/b><\/h6>\n
The \u2018E7 group<\/strong>\u2019 of the seven largest emerging economies\u2014China, India, Brazil, Russia, Indonesia, Mexico and Turkey<\/strong>\u2014are projected to equal the G7\u2019s<\/strong> (Canada, France, Germany, Italy, Japan, the UK and the US) share of global import demand by 2050<\/strong>.<\/span><\/p>\n
What are the concerns highlighted in the report?<\/b><\/h5>\n
The report has cautioned that while emerging economies have \u2018catch up\u2019 potential. They also face major challenges\u2014including the need to shift from imitation to innovation to escape the middle-income trap, tackle indebtedness and rebound from covid.<\/span><\/p>\n
Source: <\/b>T<\/span>his post is based on the article<\/span> \u201c<\/b>India will become 3rd largest importer by 2050: UK report<\/b>\u201d <\/b>published in<\/span> Livemint <\/b>on 20th September 2021.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
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