India could become the world’s third-largest importer by 2050, according to a report released by the UK’s Department of International Trade. With a 5.9 per cent share of global imports by 2050, the country will become the third-largest importer, following China and the United States.
At present, India occupies the eighth spot on the list of the largest importing countries with a 2.8 per cent share. As per the Global Trade Outlook report, the country’s position on the list will jump to the fourth position by 2030 with a 3.9 per cent share.
‘ECONOMIC GRAVITY SHIFTING EASTWARDS’
The report suggests that there will be a change in import trends in fur as the US and European Union’s share of imports is expected to decline, while Asia will see its share of global imports rise.
The report noted that the change is particularly marked in the food, travel and digital services sectors where larger and increasingly wealthy populations in the Indo-Pacific region are expected to consume more discretionary goods.
It went on to say that the world’s centre of economic gravity is shifting eastward for decades and causing trade patterns to shift gradually.
Read More at https://www.indiatoday.in/business/story/india-world-third-largest-importer-uk-report-world-economy-outlook-2050-1854817-2021-09-20